DoubleLine Flexible Income Fund Class N (DLINX) N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on November 30, 2016

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22378

DoubleLine Funds Trust

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: September 30, 2016

Item 1. Reports to Stockholders.

Semi-Annual Report

September 30, 2016

DoubleLine Total Return Bond Fund

DBLTX (I-share)

DLTNX (N-share)

DoubleLine Core Fixed Income Fund

DBLFX (I-share)

DLFNX (N-share)

DoubleLine Emerging Markets Fixed Income Fund

DBLEX (I-share)

DLENX (N-share)

DoubleLine Multi-Asset Growth Fund

DMLIX (I-share)

DMLAX (A-share)

DoubleLine Low Duration Bond Fund

DBLSX (I-share)

DLSNX (N-share)

DoubleLine Floating Rate Fund

DBFRX (I-share)

DLFRX (N-share)

DoubleLine Shiller Enhanced CAPE^®

DSEEX (I-share)

DSENX (N-share)

DoubleLine Flexible Income Fund

DFLEX (I-share)

DLINX (N-share)

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DBLLX (I-share)

DELNX (N-share)

DoubleLine Long Duration

Total Return Bond Fund

DBLDX (I-share)

DLLDX (N-share)

DoubleLine Strategic Commodity Fund

DBCMX (I-share)

DLCMX (N-share)

DoubleLine Global Bond Fund

DBLGX (I-share)

DLGBX (N-share)

DoubleLine Infrastructure Income Fund

BILDX (I-share)

BILTX (N-share)

DoubleLine Ultra Short Bond Fund

DBULX (I-share)

DLUSX (N-share)

DoubleLine Capital LP DoubleLine Commodity LP 333 S. Grand Avenue 18th Floor Los Angeles, California 90071   doubleline.com

Table of Contents

	Page
President’s Letter		4
Financial Markets Highlights		5
Management’s Discussion of Fund Performance		8
Standardized Performance Summary		16
Schedules of Investments		19
Statements of Assets and Liabilities		102
Statements of Operations		105
Statements of Changes in Net Assets		108
Financial Highlights		115
Notes to Financial Statements		129
Shareholder Expenses		154
Evaluation of Advisory Agreement by the Boards of Trustees		156
Federal Tax Information		158
Information About Proxy Voting		160
Information About Portfolio Holdings		160
Householding — Important Notice Regarding Delivery of Shareholder Documents		160
Privacy Notice		161

Semi-Annual Report September 30, 2016 3

President’s Letter (Unaudited) September 30, 2016

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Semi-Annual Report for the six-month period ended September 30, 2016. On the following pages you will find specific information regarding each Fund’s operations and holdings. In addition, we discuss each Fund’s investment performance and the main drivers of that performance during the reporting period.

If you have any questions regarding the DoubleLine Funds please don’t hesitate to call us at 877-DLine11 (877-354-6311), or visit our website www.doublelinefunds.com to hear our investment management team offer deeper insights and analysis on relevant capital market activity impacting investors today. We value the trust that you have placed with us, and we will continue to strive to offer thoughtful investment solutions to our shareholders.

Sincerely,

Ronald R. Redell, CFA

President

DoubleLine Funds Trust

November 1, 2016

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) September 30, 2016

· Agency Mortgage-Backed Securities (Agency MBS)

For the 6-month period ended September 30, 2016, the Barclays U.S. MBS Index returned 1.71% with its duration shortening from 3.06 to 2.50 during that period. The U.S. Treasury curve flattened with 2-year yields increasing by 0.04% and 10-year yields declining by 0.17%. Current coupon spreads against 5-year and 10-year Treasuries tightened to the low end of their historic ranges, supported by large demand by domestic banks, overseas investors, and the Federal Reserve’s (Fed’s) reinvestment needs. Aggregate prepayment speeds across Ginnie Mae, Fannie Mae, and Freddie Mac MBS increased over the period by approximately 25% due to improving seasonality factors including higher housing turnover, purchasing and refinancing activity. Thirty-year mortgage rates also declined materially during this time ending the period at 3.42%.

· Non-Agency Mortgage-Backed Securities (Non-Agency MBS)

For the 6-month period ended September 30, 2016, Non-Agency MBS spreads have continued to tighten along with credit products. The spread tightening has been caused by improving fundamentals in the housing market and the limited supply of Non-Agency MBS. Within the Non-Agency MBS space, delinquencies and loan loss severities continued to improve during the period; however, the improvement in loan loss severities has been somewhat limited due to the extended foreclosure timelines in judicial states. In June, an $8.5 billion Countrywide settlement was paid out to bondholders. Additional settlement payout from Citi and JP Morgan are expected in 2017.

· Commercial Mortgage-Backed Securities (CMBS)

For the 6-month period ended September 30, 2016, new issue CMBS spreads gradually tightened. During the period, the Barclays U.S. CMBS Index returned 2.97%, outperforming the broader Barclays U.S. Aggregate Bond Index return of 2.68%. For the reporting period, 10-year AAA last cash flows (LCFs) tightened by 0.19% to 1.15% over swaps while BBB- bonds tightened by 0.85% to 6.15% over swaps. Ten private-label transactions totaling $8.1 billion priced in September marking the strongest month of issuance in 2016. Third quarter issuance was 122% higher than second quarter. For the sixth time in seven months, the Trepp CMBS Delinquency Rate rose in September. The delinquency rate for U.S. Commercial Real Estate (CRE) loans is now 4.78%, up 0.56% over the 6-month period but still 0.50% lower year-over-year (YoY). A continued uptick in delinquencies is anticipated as a wave of deals issued pre-crisis (2006/2007), primarily collateralized by 10-year loans, continues to mature. For loans issued after the credit crisis (referred to by the marketplace as CMBS 2.0 and CMBS 3.0 loans, respectively), only 0.60% were delinquent or in special servicing at the end of the reporting period.

· Emerging Markets (EM) Debt

Over the 6-month period ended September 30, 2016, U.S. dollar (USD)-denominated EM fixed income sovereign and corporate bonds, and EM local currency government bonds, were among the best performing fixed income asset classes. Low developed market yields have fueled inflows into the EM asset class as investors searched for yield. Additionally, risks of a sharp China growth slowdown and a second commodity rout seem to have dissipated. EM USD denominated sovereign and corporate spreads peaked in mid-February and have converged over the third quarter ending September 30, 2016 to their 5-year average.

· Investment Grade (IG) Credit

For the 6-month period ended September 30, 2016, the Barclays U.S. Credit Index returned a total of 4.76%. Returns were driven by a steady decline in spreads from 1.54% to 1.31% as money flowed into the asset class. The search for yield drove the higher yielding sectors to outperform, with Metals and Mining (+13.75%) and Independent Energy (+13.6%) performing the best; while Supranational (+1.13%) lagged. The new issue market remained robust and outpaced last year’s record new issuance by $102.7 billion for a total of $790 billion in new issue for the period.

· Bank Loans

For the 6-month period ending September 30, 2016, the S&P/LSTA Leverage Loan Index returned 6.08%. The weighted average bid price increased $3.61 to $95.12 as the discounted spread to maturity declined 1.01%. Lower-rated loans significantly outperformed higher-rated loans and the broader market, with CCC-rated loans returning 18.63%, B-rated loans returning 6.53%, and BB-rated loans returning 4.01% during the period. Unsurprisingly, Nonferrous Metals was the best performing sector returning 37.24% over the period, followed by Oil and Gas which returned 33.60%. Forrest Products, Cable and Satellite TV and Food and Drug Retailers were the worst performing sectors returning 0.93%, 3.12% and 3.33%, respectively. The issuer-weighted default rate rose to 2.23% from 2.03% at the

Semi-Annual Report September 30, 2016 5

Financial Markets Highlights  (Cont.) (Unaudited) September 30, 2016

end of the first quarter 2016. The total par-value outstanding fell -0.4% to $881.7 billion from $885.5 billion at the end of the first quarter 2016. Over the same period, there was $37.9 billion of Collateralized Loan Obligation (CLO) issuance and $2.07 billion of prime fund flows into the leveraged loan market.

· U.S. High Yield (HY)

For the 6-month period ended September 30, 2016, the Citi High-Yield Cash-Pay Capped Index returned 11.60%. Longer-maturity bonds slightly outperformed shorter ones for both periods, with those maturing in 7 years or more returning 11.64% for the period, while the 1-7 year category returned 11.59%. Bonds with lower credit ratings far outpaced those with higher credit ratings, as CCC-rated issues returned 23.11% while BB- and B-rated rated issues returned 10.09%. For the period, notable outperformers by industry were commodity-related: Secondary Oil & Gas Producers (+37.69%), Metals & Mining (+28.90%), and Oil Equipment (+27.58%). The underperforming sectors over the period were Textile & Apparel (+2.95%), Lodging (+3.60%), and Leisure (+3.84%).

· Collateralized Loan Obligations

For the 6-month period ended September 30, 2016, CLOs saw a surge in issuance compared to the beginning of 2016. On average, each month saw about $6 billion in monthly issuance across 14 deals bringing the total issuance to $37.85 billion across 85 deals for the period. The resurgence in the new issue market can be attributed to both the strength in the loan market and managers trying to issue deals ahead of the implementation of the Dodd Frank Risk Retention rules at the end of 2016. The CLO market also saw a wave of refinancing and resetting seasoned deals, which allows managers to take advantage of cheaper financing without the cost of ramping an entirely new deal. We expect this refinancing and resetting activity to continue through the end of 2016. The lack of new issue supply helped secondary CLO prices tighten as investors looked to the secondary market to meet their needs. While at the beginning of April, prices were coming off of their lows hit earlier in 2016, prices ended the period at their highs.

· Global Equities

For the 6-month period ending September 30, 2016, Global Equities as measured by the Morgan Stanley Capital International All Country World Index (MSCI ACWI) rallied 6.66% as global financial conditions eased. U.S. Equities participated in the rally with the S&P 500 Index up 6.40%. European Equities slightly underperformed Global Equities with the Eurostoxx 50 up 3.16% during the period. Asian Equities underperformed with the Nikkei 225 Index down 1.03%, the Shanghai Composite Index up 2.06%, and the Kospi up 2.47% during the period. EM outperformed Global Equities during the period with MSCI Emerging Markets Index (MSCI EM) up 10.03%.

· Commodities

For the 6-month period ended September 30, 2016, the commodities market increased by 8.26% and 7.84%, as measured by the Bloomberg Commodities Index (BCOM) and the S&P Goldman Sachs Commodity Index (GSCI), respectively. The sector returns over this period were mixed with three of five sectors gaining. The best performing sector was energy, increasing by 15.60% as Brent crude (+18.30%) and WTI¹ crude (+13.23%) both had double digit returns. Metals also rallied with Industrial Metals up 8.99% and Precious Metals up 7.57%. Agriculture was slightly negative (-0.33%) as Corn (-8.72%) and Wheat (-22.03%) both declined while Soybeans (+5.62%) and Softs (+25.11%) rallied. The worst performing sector over the period was Livestock (-21.60%) as Lean Hogs (-30.80%), Live Cattle (-17.47%) and Feeder Cattle (-20.04%) all declined.

· Asset-Backed Securities (ABS)

For the 6-month period ended September 30, 2016, the traditional and non-traditional ABS sector saw robust new issuance with strong demand from investors. Given positive technicals of the market, new issues spread tightened even for new comers to the ABS market. The emergence of traditionally corporate issuers to the ABS market helped issuance volumes during the period. Non-traditional consumer ABS deals with marketplace lending collateral was a hot topic as new deals priced with tighter spreads, but delinquencies across many platforms rose. On the student loan front, both FFELP (Federal Family Education Loan Program) and private-label student loan delinquencies trended lower versus the beginning of the period.

¹  WTI = West Texas Intermediate

6 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

· U.S. Large Cap Equities

U.S. Equities began the 6-month period ended September 30, 2016 in the process of shaking off the February market correction. By the end of the period, the fears over risk asset prices and June’s surprise Brexit seemed far in the rear view mirror, with the S&P 500 Index one percent from its all-time high close. These positive returns came despite the continued decline in consensus estimates for both revenue growth and earnings per share in 2016. The market is largely unchanged for the past year and a half. During the second quarter, the best performing sectors were the most defensive and yield-oriented sectors: Utilities and Telecom. Coincident with the bottoming of the yield on the 10-year Treasury bond in early July, market leadership began to rotate to more cyclical sectors such as Energy and Technology. The Technology sector was the greatest contributor to positive index returns during the second quarter.

· Government Securities

The U.S. Treasury market rallied from the end of April 2016 to early July 2016, amid anxiety and uncertainties around Brexit. Ten-year nominal Treasury yield reached a historical low point of 1.32% on July 6th before heading back up. It stood at 1.60% by the end of September, still lower than where it was at the beginning of the 6-month reporting period. Treasury auction statistics revealed that the demand for the benchmark 10-year note was strong in the second quarter, corresponding to market rallies, and relatively weak in third quarter amid market sell-offs. The 6-month average bid/ask ratio was 2.54, slightly lower than the previous 6-month period ended March 30, 2016. The yield curve flattened during the period, with the 30-year nominal yield leading the long-end slide with a 0.27% drop. Inflation talks are creeping up with stabilized oil prices, which sparked more interest in Treasury Inflation-Protected Securities (TIPS).

Semi-Annual Report September 30, 2016 7

Management’s Discussion of Fund Performance (Unaudited) September 30, 2016

DoubleLine Total Return Bond Fund

During the 6-month period ending September 30, 2016, the DoubleLine Total Return Bond Fund underperformed the Barclays U.S. Aggregate Bond Index return of 2.68% primarily due to the Fund’s lower duration profile relative to the benchmark index. Additionally, the U.S. Treasury curve flattened during this time with 2-year yields increasing by 0.04% and 10-year yields declining by about 0.17%. Within Agency Residential MBS (RMBS), passthroughs and fixed-rate Collateralized Mortgage Obligations (CMOs) contributed the most to total return as they benefited from modest price gains and strong interest income returns. Though a small allocation, inverse floating rate securities performed the best from an absolute return perspective driven by their robust interest income and strong price appreciation. Broadly, Non-Agency RMBS performed well with valuations improving across the credit spectrum and the sector continuing provide healthy interest carry to the Fund; Alt-A bonds were the best performers with subprime bonds coming in as a close second as both asset classes benefited from tightening credit spreads. Other structured credit sectors including CLOs, CMBS, and ABS were also accretive to performance, driven mostly by high interest carry.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		2.28%
N-Share		2.06%
Barclays U.S. Aggregate Bond Index		2.68%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Core Fixed Income Fund

During the 6-month period ending September 30, 2016, the DoubleLine Core Fixed Income Fund outperformed the Barclays U.S. Aggregate Bond Index’s return of 2.68%. In general, the period was positive for risk assets with HY debt, EM and CLO contributing the strongest returns to the portfolio. The performance from these sectors can be partially attributed to improved commodity prices. IG Corporate bonds held in the Fund contributed positive performance but lagged the Barclays U.S. Credit Index. CMBS also performed well and beat the CMBS component of the Index over the period. RMBS, which still comprised much of the Fund at the end of the reporting period, added positive returns, and outperformed the MBS component of the Barclays U.S. Aggregate Bond Index as both Agency and Non-Agency MBS exposure continued to benefit from higher valuations. At period end, the Fund continued to hold a small allocation to Infrastructure-related Debt and International Debt with both contributing healthy positive returns. Not surprisingly, UST and Municipals within the Fund, while returned positive, lagged behind other asset classes.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		3.88%
N-Share		3.76%
Barclays U.S. Aggregate Bond Index		2.68%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Emerging Markets Fixed Income Fund

Over the 6-month period ended September 30, 2016, the DoubleLine Emerging Markets Fixed Income Fund outperformed its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, which returned 9.26%. External conditions remained favorable for EM assets, including 1) developed market central banks remaining accommodative; 2) commodity prices stabilizing and food inflation abating; and 3) continued supportive technicals. The 10-year U.S. Treasury declined from 1.76% as of March 31, 2016 before hitting a low in July, and then modestly rising to end September at 1.59%. EM credit spreads tightened over the period on the back of improved risk sentiment and investor inflows chasing higher yields outside of developed markets. The positive returns in the Fund were driven by strong performance in credits domiciled in Brazil, Colombia, Chile, India, Mexico and Peru. Relative to the benchmark, the Fund’s performance benefited from avoiding exposure in Turkey, but was hurt by avoiding exposure to Venezuela. Over the six month period, Turkey was among the worst performing countries in the benchmark as a result of the failed coup and subsequent attempt by President Erdogan to remove his opponents from the public sector. Venezuela was the best performing country in the benchmark, rebounding from record

8 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

lows. The Venezuelan government announced a proposal to swap its national oil and gas company’s bonds with upcoming maturities into a bond with a later maturity date, which would alleviate short term funding liabilities.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		10.07%
N-Share		9.94%
JP Morgan Emerging Markets Bond Index Global Diversified		9.26%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Multi-Asset Growth Fund

For the 6-month period ended September 30, 2016, the DoubleLine Multi-Asset Growth Fund (not accounting for any sales load charged on the Fund’s Class A shares) outperformed the Blended Benchmark (defined below) return of 4.55%. Equity allocations contributed to performance with the MSCI All-Country World Index (ACWI) up 6.66% during the period. Overweight exposures to EM Equities contributed to outperformance with the MSCI Emerging Markets Index up 10.03% during the period. Underweight exposures to European and Japanese equities benefitted relative performance as those regional equities underperformed the broader market. The fixed income allocation contributed to relative performance with Mortgage Real Estate Investment Trusts (REITs), CLOs, and EM credit adding to performance. Real asset and currency allocations added to performance during the period.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		6.68%
A-Share
Without Load		6.57%
With Load		2.04%
S&P 500® Index TR		6.40%
Blended Benchmark*		4.55%

* Blended Benchmark: 60% Barclays U.S. Aggregate Bond Index/25% Morgan Stanley Capital International All Country World Index/15% S&P Goldman Sachs Commodity Index (GSCI) Total Return

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Low Duration Bond Fund

During the 6-month period ending September 30, 2016, the DoubleLine Low Duration Bond Fund outperformed the Bank of America Merrill Lynch 1-3 year U.S. Treasury Index return of 0.42%. Short-term U.S. interest rates were slightly higher over the 6-month period. More credit sensitive assets were the best performers with EM fixed income and ABS leading the Fund in performance. At the end of the period, the Fund maintained a larger allocation to structured products in general as the asset class continued to produce strong returns with relatively short duration. Conversely, IG Corporate and Government holdings, while outperformed the Index, lagged behind other asset classes in the portfolio.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		2.09%
N-Share		1.86%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.42%

For additional performance information, please refer to the “Standardized Performance Summary.”

Semi-Annual Report September 30, 2016 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2016

DoubleLine Floating Rate Fund

For the 6-month period ending September 30, 2016, the DoubleLine Floating Rate Fund underperformed the S&P/LSTA Leveraged Loan Index return of 6.08%. The Fund’s underperformance was primarily attributable to a more defensive credit risk profile relative to the Index, cash drag, and minimal exposure to more cyclical industries that rallied during the period such as Oil & Gas. The Fund was overweight BB-rated credits at the expense of B-rated and CCC-rated credits. BB-rated credits underperformed the broader market by 2.07% during the period, while B-rated and CCC-rated loans outperformed the broader market by 0.45% and 12.55%, respectively. To illustrate one important cause of the Fund’s underperformance, the Fund held one defaulted loan and was underweight defaulted loan exposure compared to the Index. The Fund’s defaulted loan exposure generated a gain in excess of 13.00% during the period, while the defaulted loans in the Index returned 24.13% during the period. In a similar fashion, the Fund held 4.13% less than the Index in second-lien loans, which returned 16.11% and contributed 0.67% to the Index’s total return for the period. Negligible exposure to Oil & Gas and Mining, which were the two best performing industries within the Index, detracted from performance for the period. In addition, the Fund also held defensive cash holdings that averaged 6.5% during the period and thus created a 0.40% drag on returns.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		2.96%
N-Share		2.82%
S&P/LSTA Leveraged Loan Index		6.08%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Shiller Enhanced CAPE^®

During the 6-month period ending September 30, 2016, DoubleLine Shiller Enhanced CAPE^® outperformed the S&P 500 Index return of 6.40%. The Shiller Barclays CAPE^® U.S. Sector Total Return Index and the fixed income portfolio returned 9.7% and 2.3%, respectively. During the period, the Shiller Barclays CAPE^® U.S. Sector Total Return Index was exposed to six sectors (Consumer Discretionary, Consumer Staples, Energy, Healthcare, Industrials and Technology), each of which delivered positive returns while constituents of the Index. The greatest contributor was Healthcare, followed by Technology. Each of the sectors in the fixed income portfolio were additive to fund returns. The three top contributors were CMBS, EM and CLOs.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		11.57%
N-Share		11.44%
S&P 500® Index TR		6.40%
Shiller Barclays CAPE® U.S. Sector Total Return Index		9.73%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Flexible Income Fund

During the 6-month period ending September 30, 2016, the DoubleLine Flexible Income Fund performed well over the 6-month period ended September 30, 2016 as risk assets generally benefited from improved commodity prices. More specifically, EM fixed income, HY debt and CLO contributed strong absolute returns to the portfolio and were the best performers. Bank loans also performed well along with other more credit-sensitive assets. Other structured products held in the Fund, despite having a more volatile period, added strong positive performance. Not surprisingly, Treasury holdings within the Fund, while returned positive, lagged behind other asset classes.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		4.64%
N-Share		4.51%
LIBOR* USD 3 Month		0.35%

* LIBOR stands for the London Interbank Offered Rate.

For additional performance information, please refer to the “Standardized Performance Summary.”

10 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

DoubleLine Low Duration Emerging Markets Fixed Income Fund

Over the 6-month period ended September 30, 2016, the DoubleLine Low Duration Emerging Markets Fixed Income Fund posted strong performance, outperforming the JP Morgan Corporate EMBI Broad Diversified Maturity 1-3 (CEMBI 1-3 Year) Index which returned 3.96%. External conditions remained favorable for EM assets during the period, including 1) developed market central banks remaining accommodative; 2) commodity prices stabilizing and food inflation abating; and 3) continued supportive technicals. Two-year U.S. Treasury yields declined from 0.72% as of March 31, 2016 before hitting a low in July, and then modestly rising to end September at 0.76%. Despite yields rising across the front end of the Treasury curve, the Fund’s total return was positive as a result of EM spread tightening. The strong positive performance in the Fund was driven by strong performance in credits domiciled in Colombia, Mexico, Brazil, India and Panama.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		4.93%
N-Share		4.80%
JP Morgan CEMBI Broad Diversified 1-3 Year Index		3.96%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Long Duration Total Return Bond Fund

For the 6-month period ended September 30, 2016, the DoubleLine Long Duration Total Return Bond Fund underperformed the Barclays U.S. Long Government/Credit Bond Index return of 7.87%. The U.S. yield curve flattened during that period with 2-year yields increasing by 4 bps, 10-year yields declining by 17 bps, and 30-year yields declining by about 30 bps. The underperformance was largely attributable to the Fund’s lack of corporate credit exposure as the sector benefited from spreads tightening materially for the period. In addition, the Fund had a shorter duration profile relative to the Index. Agency fixed-rate CMOs were the largest contributor to returns driven by strong price appreciation and healthy interest income returns. Amongst the U.S. Government exposure, Agency debentures were the best performers due to the rally at the long end of the UST curve.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		6.18%
N-Share		6.05%
Barclays U.S. Long Government/Credit Index		7.87%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Strategic Commodity Fund

During the 6-month period ending September 30, 2016, the DoubleLine Strategic Commodity Fund returned 6.19%, underperforming the Bloomberg Commodity Index Total Return of 8.42%. The Fund was exposed to broad commodity beta, which contributed to performance for the period, as well as the DoubleLine Commodity Long-Short Alpha Strategy, which detracted from performance for the period. The Bloomberg Commodity Index (BCOM) increased by 8.26% during this period. The Fund’s underperformance relative to the benchmark was attributable to the allocation mix between the beta and alpha, as the alpha strategy return was negative.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		6.19%
N-Share		5.92%
Bloomberg Commodity Index Total Return		8.42%

For additional performance information, please refer to the “Standardized Performance Summary.”

Semi-Annual Report September 30, 2016 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2016

DoubleLine Global Bond Fund

Over the 6-month period ended September 30, 2016, the DoubleLine Global Bond Fund saw positive absolute performance but underperformed its benchmark, the Citi World Government Bond Index (WGBI), which returned 3.72%. Government rates in Japan, U.S. Germany, Belgium and the UK further benefited from the “flight to quality” trade following the Brexit vote, and then by dovish monetary policy that followed the vote by all developed market central banks. Yields hit a low in July, and have backed up into the end of the period. Currency performance was mixed over the period. The British Pound, unsurprisingly given the Brexit vote, was the worst performing currency, falling -9.67% over the quarter versus the USD. The Japanese Yen was one of the few currencies that appreciated relative to the dollar, gaining 11.07% over the six-month period, benefiting from its safe haven currency status. The Fund’s underperformance relative to the benchmark was primarily due to an underweight allocation, relative to the WGBI, to Japanese government bonds (JGB) which represent approximately 23% of the WGBI.

Period Ended 9-30-16	6-Months (Not Annualized)
I-Share		2.12%
N-Share		1.99%
Citi World Government Bond Index		3.72%

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Infrastructure Income Fund

For the period since inception on April 1, 2016 through September 30, 2016, the DoubleLine Infrastructure Income Fund outperformed its benchmark, the Barclays U.S. Aggregate Bond Index. The Fund was ramped in a timely fashion, however, a large cash inflow immediately before the surprise United Kingdom (UK) referendum vote in late June caused the Fund to have a larger cash position than what would have been optimal. Once it was clear the citizens of the UK voted to exit the European Union, uncertainty about the ramifications of this monumental vote resulted in a flight to quality amongst market participants. Investment Grade credit spread tightened and rates rallied as investors sought safer assets. Infrastructure bond issues in Emerging Markets were the best performing holdings for the period, while ABS showed positive but only modest returns. Domestic infrastructure issues fared well, showing spread tightening consistent with the overall index.

Period From 4-1-16 through 9-30-16	Since Inception* (Not Annualized)
I-Share		3.55%
N-Share		3.42%
Barclays U.S. Aggregate Bond Index		2.73%

* Inception Date of 4-1-2016

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Ultra Short Bond Fund

For the period since inception on June 30, 2016 through September 30, 2016, the net return of the DoubleLine Ultra Short Bond Fund underperformed the Bank of America Merrill Lynch 3-Month Treasury Index return of 0.10%. On a gross basis the Fund outperformed the Bank of America Merrill Lynch 3-Month Treasury Index by 0.01%. The Fund’s small allocation to Commercial Paper, and thus credit risk, contributed to gross performance for the period. The Fund’s Commercial Paper holdings were overweight the Industrial sector, which slightly outperformed the Financial sector during the period as well.

Period From 6-30-16 through 9-30-16	Since Inception* (Not Annualized)
I-Share		0.02%
N-Share		0.00%
BofA Merrill Lynch 3-Month Treasury Index		0.10%

* Inception Date of 6-30-2016

12 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

For additional performance information, please refer to the “Standardized Performance Summary.”

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of September 30, 2016 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please refer to the Schedules of Investments for a complete list of Fund holdings.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a great risk of loss to principal and interest than higher rated securities.

Investments in securities related to real estate may decline in value as a result of factors affecting the real estate industry.

Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors.

In addition, the Fund may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks.

Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could result in losing more than the amount invested.

Equities may decline in value due to both real and perceived general market, economic, and industry conditions.

Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Floating rate loans and other floating rate investments are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others.

Additional principal risks for the Funds can be found in the prospectus.

Diversification does not assure a profit or protect against loss in a declining market.

Credit ratings from Moody’s range from the highest rating of Aaa for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of C for the lowest rated class of bonds. Credit ratings from Standard & Poor’s (S&P) range from the highest rating of AAA for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of D for bonds that are in default.

Credit ratings are determined by the highest available credit rating from any Nationally Recognized Statistical Rating Agency (“NRSRO”, generally S&P, Moody’s and Fitch). DoubleLine chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another NRSRO.

Alpha—A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index.

Barclays U.S. Aggregate Bond Index—This index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Barclays U.S. Credit Index—This index is the US Credit component of the US Government/Credit Index and consists of publically issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The US Credit Index is the same as the former US Corporate Investment Grade Index.

Barclays U.S. CMBS Index—This index measures the performance of investment grade commercial mortgage-backed securities, which are classes of securities that represent interests in pools of commercial mortgages.

Barclays U.S. Long Government/Credit Index—The index includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt.

Barclays U.S. MBS Index—This index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of the Government-Sponsored Enterprises (GSEs): Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

Bank of America (BofA)/Merrill Lynch 3 Month Treasury Index—This The index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

Bank of America (BofA)/Merrill Lynch 1-3 Year U.S. Treasury Index—This index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

Beta—The measure of a mutual fund’s volatility in relation to the market. By definition, the market has a beta of 1.0, and individual mutual funds are ranked according to how much they deviate from the market. A beta of above 1.0 means the fund swings more than the market. If the fund moves less than the market, the beta is less than 1.0.

Semi-Annual Report September 30, 2016 13

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2016

Bloomberg Commodity Index Total Return (BCOM)—An index calculated on an excess return basis that reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.

Citi High-Yield Cash-Pay Capped Index—This index represents the cash-pay securities of the Citigroup High-Yield Market Capped Index, which represents a modified version of the High Yield Market Index by delaying the entry of fallen angel issues and capping the par value of individual issuers at $5 billion par amount outstanding.

Citi World Government Bond Index (WGBI)—This index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

Duration—A measure of the sensitivity of a price of a fixed income investment to a change in interest rates, expressed as a number of years.

Eurostoxx 50—A stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Borse Group and SIX group, with the goal of providing a blue-chip representation of Supersector leaders in the Eurozone.

Investment Grade—Securities rated AAA to BBB- are considered to be investment grade. A bond is considered investment grade if its credit rating is BBB- or higher by Standard & Poor’s or Baa3 by Moody’s. Ratings based on corporate bond model. The higher the rating, the more likely the bond is to pay back at par/$100 cents on the dollar. AAA is considered the highest quality and the lowest degree of risk. They are considered to be extremely stable and dependable.

JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year Index—This index is a market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds with 1-3 year maturity. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified—This Index is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by EMBI Global.

Korea Composite Stock Price Index (Kospi)—A market capitalization weighted index of all common stocks traded on the Stock Market Division—previously, Korea Stock Exchange—of the Korea Exchange. It is the representative stock market index of South Korea, similar to the Dow Jones Industrial Average or S&P 500 in the United States.

Last Cash Flow (LCF)—The last revenue stream paid to a bond over a given period.

London Interbank Offered Rate (LIBOR)—An indicative average interest rate at which a selection of banks known as the panel banks are prepared to lend one another unsecured funds on the London money market.

Morgan Stanley Capital International All Country World Index (MSCI ACWI)—The Index is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets.

Morgan Stanley Capital International Emerging Markets Index (MSCI EM)—The Index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets. It consists of indices in 26 emerging economies, including but not limited to, Argentina, Brazil, China, India, Poland, Thailand, Turkey, and Venezuela.

Nikkei 225 Index—A price-weighted index comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the U.S.

Shanghai Composite Index—A capitalization-weighted index that tracks the daily performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

Shiller Barclays CAPE^® US Sector Total Return Index—An index that incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.

Spread—The difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings and risk.

S&P 500^® Index TR—The Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P Goldman Sachs Commodity Index (GSCI)—This composite index of commodity sector returns represents a broadly diversified, unleveraged, long-only position in commodity futures. The index’s components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels, making the Index a valuable economic indicator and commodities market benchmark. The GSCI Excess Return index is one of the three S&P GSCI Indices published, measuring the return accrued from investing in uncollateralized nearby commodity futures. This Excess Return Index includes an Energy component, which was referenced in this commentary.

S&P/LSTA Leveraged Loan Index—Capitalization-weighted syndicated loan indices are based upon market weightings, spreads and interest payments, and this index covers the U.S. market back to 1997 and currently calculates on a daily basis. Created by the Leveraged Commentary & Data (LCD) team at S&P Capital IQ, the review provides an overview and outlook of the leveraged loan market as well as an expansive review of the S&P Leveraged Loan Index and sub-indexes. The review consists of index general characteristics, results, risk-return profile, default/distress statistics, and repayment analysis.

Trepp CMBS Delinquency Rate—A report published by Trepp on a monthly basis giving the total principal balances of loans with delinquencies divided by the total principal balance of all loans.

A direct investment cannot be made in an index. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments.

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

DoubleLine^® is a registered trademark of DoubleLine Capital LP.

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to a Fund and market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein.

14 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not recommendations and are presented as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions dictate or as additional information becomes available.

Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision making, economic or market conditions or other unanticipated factors. The views and forecasts expressed in this material are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. Past performance is no guarantee of future results.

Semi-Annual Report September 30, 2016 15

Standardized Performance Summary (Unaudited) September 30, 2016

The performance information shown assumes the reinvestment of all dividends and distributions. Performance reflects management fees and other fund expenses. Returns over 1 year are average annual returns. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the fund may be lower or higher than the performance quoted. The Funds’ gross and net expense ratios are taken from the most recent prospectus and may change over time. The Funds’ gross expense ratio also includes “acquired fund fees and expenses,” which are expenses incurred indirectly as a result of a Fund’s investments in one or more underlying funds, including ETFs and money market funds. Because these costs are indirect, the expense ratios will not correlate to the expense ratios in the Funds’ financial statements, since financial statements only include direct costs of the Funds and not indirect costs of investing in the underlying funds. Performance data current to the most recent month-end may be obtained by calling (213) 633-8200 or by visiting www.doublelinefunds.com.

Performance data shown for the Multi-Asset Growth Fund Class reflects the Class A maximum sales charge of 4.25%. Performance data shown for the Class A No Load does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. The Multi-Asset Growth Fund imposes a Deferred Sales Charge of 0.75% on purchases of $1 million or more of Class A shares if redeemed within 18 months of purchase. The Multi-Asset Growth Fund and Floating Rate Fund impose a 1.00% redemption fee on all share classes if shares are sold within 90 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

DBLTX/DLTNX
Total Return Bond Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 9-30-16)		Gross Expense Ratio
I-share (DBLTX)		2.28%		3.58%		4.26%		4.54%		7.35%		0.47%
N-share (DLTNX)		2.06%		3.23%		4.01%		4.26%		7.08%		0.72%
Barclays U.S. Aggregate Bond Index		2.68%		5.19%		4.03%		3.08%		4.21%
DBLFX/DLFNX
Core Fixed Income Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (6-1-10 to 9-30-16)		Gross Expense Ratio
I-share (DBLFX)		3.88%		5.73%		4.91%		4.52%		6.25%		0.48%
N-share (DLFNX)		3.76%		5.38%		4.62%		4.26%		5.99%		0.73%
Barclays U.S. Aggregate Bond Index		2.68%		5.19%		4.03%		3.08%		3.91%
DBLEX/DLENX
Emerging Markets Fixed Income Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 9-30-16)		Gross Expense Ratio
I-share (DBLEX)		10.07%		12.87%		6.31%		6.19%		6.23%		0.90%
N-share (DLENX)		9.94%		12.59%		6.04%		5.90%		5.97%		1.15%
JP Morgan Emerging Markets Bond Global Diversified Index		9.26%		16.20%		8.19%		7.75%		7.52%
DMLIX/DMLAX
Multi-Asset Growth Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (12-20-10 to 9-30-16)		Gross Expense Ratio		Net Expense Ratio*
I-share (DMLIX)		6.68%		9.88%		3.91%		3.31%		3.17%		1.41%		1.36%
A-share (DMLAX)												1.66%		1.61%
A-share (No Load)		6.57%		9.76%		3.66%		3.07%		2.91%
A-share (With Load)		2.04%		5.09%		2.17%		2.18%		2.14%
Blended Benchmark**		4.55%		4.43%		0.30%		2.74%		2.40%
S&P 500® Index TR		6.40%		15.43%		11.16%		16.37%		12.42%
DBLSX/DLSNX
Low Duration Bond Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (9-30-11 to 9-30-16)		Gross Expense Ratio
I-share (DBLSX)		2.09%		2.76%		2.00%		2.34%		2.34%		0.44%
N-share (DLSNX)		1.86%		2.41%		1.74%		2.08%		2.08%		0.69%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.42%		0.88%		0.85%		0.69%		0.69%

16 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

DBFRX/DLFRX
Floating Rate Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year		3-Year Annualized		Since Inception Annualized (2-1-13 to 9-30-16)	Gross Expense Ratio
I-share (DBFRX)		2.96%		2.57%		2.79%	2.79%		0.66%
N-share (DLFRX)		2.82%		2.31%		2.53%	2.59%		0.91%
S&P LSTA Leveraged Loan Index		6.08%		5.46%		3.39%	3.46%
DSEEX/DSENX
Shiller Enhanced CAPE® Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year				Since Inception Annualized (10-31-13 to 9-30-16)	Gross Expense Ratio
I-share (DSEEX)		11.57%		26.40%			14.73%		0.64%
N-share (DSENX)		11.44%		26.12%			14.44%		0.89%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index		9.73%		24.59%			13.06%
S&P 500® Index TR		6.40%		15.43%			9.80%
DFLEX/DLINX
Flexible Income Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year				Since Inception Annualized (4-7-14 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio*
I-share (DFLEX)		4.64%		4.35%			3.23%		0.89%	0.84%
N-share (DLINX)		4.51%		4.09%			2.99%		1.14%	1.09%
LIBOR USD 3-Month Index		0.35%		0.60%			0.40%
DBLLX/DELNX
Low Duration Emerging Markets Fixed Income Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year				Since Inception Annualized (4-7-14 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio*
I-share (DBLLX)		4.93%		7.16%			3.18%		0.84%	0.59%
N-share (DELNX)		4.80%		6.90%			2.98%		1.09%	0.84%
JP Morgan CEMBI Broad Diversified 1-3 Year Index		3.96%		6.66%			3.69%
DBLDX/DLLDX
Long Duration Total Return Bond Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year				Since Inception Annualized (12-15-14 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio*
I-share (DBLDX)		6.18%		11.05%			7.97%		0.84%	0.65%
N-share (DLLDX)		6.05%		10.79%			7.66%		1.09%	0.90%
Barclays U.S. Long Government/Credit Index		7.87%		14.66%			6.75%
DBCMX/DLCMX
Strategic Commodity Fund Returns as of September 30, 2016	6-Months (Not Annualized)		1-Year				Since Inception Not Annualized (5-18-15 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio*
I-share (DBCMX)		6.19%		5.50%			-5.67%		4.47%	1.15%
N-share (DLCMX)		5.92%		5.11%			-6.01%		4.72%	1.40%
Bloomberg Commodity Index Total Return		8.42%		-2.58%			-13.93%
DBLGX/DLGBX
Global Bond Fund Returns as of September 30, 2016	6-Months (Not Annualized)						Since Inception Not Annualized (12-17-15 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio***
I-share (DBLGX)		2.12%					7.34%		0.93%	0.71%
N-share (DLGBX)		1.99%					7.17%		1.18%	0.96%
Citi World Government Bond Index		3.72%					11.51%

Past performance does not guarantee future results.

Semi-Annual Report September 30, 2016 17

Standardized Performance Summary  (Cont.) (Unaudited) September 30, 2016

BILDX/BILTX
Infrastructure Income Fund Returns as of September 30, 2016		Since Inception Not Annualized (4-1-16 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio****
I-share (BILDX)		3.55%		1.18%	0.66%
N-share (BILTX)		3.42%		1.43%	0.91%
Barclays U.S. Aggregate Bond Index		2.73%
DBULX/DLUSX
Ultra Short Bond Fund Returns as of September 30, 2016		Since Inception Not Annualized (6-30-16 to 9-30-16)	Gross Expense Ratio	Net Expense Ratio*****
I-share (DBULX)		0.02%		0.82%	0.36%
N-share (DLUSX)		0.00%		1.07%	0.61%
BofA Merrill Lynch 3 Month Treasury Index	0.10%

Past performance does not guarantee future results.

* The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2017. For additional information regarding these expense limitation arrangements, please see Note 3 in the Notes to Financial Statements.

** The Blended Benchmark for the Multi-Asset Growth Fund is 60% Barclays U.S. Aggregate Bond Index, 25% MSCI All Country World Index & 15% SP GSCI Total Return Index.

*** The Adviser has contractually agreed to waive fees and reimburse expenses through November 20, 2017.

**** The Adviser has contractually agreed to waive fees and reimburse expenses through April 1, 2018.

***** The Adviser has contractually agreed to waive fees and reimburse expenses through June 29, 2018.

Mutual Fund Investing involves risk. Principal loss is possible.

18 DoubleLine Funds Trust

Schedule of Investments  DoubleLine Total Return Bond Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.8%
		AMPLIT Trust,
	21,821,144	Series 2015-A-A		5.00%	^		09/15/2021		22,165,562
		AVANT Loans Funding Trust,
	7,545,457	Series 2015-A-A		4.00%	^		08/16/2021		7,584,781
	10,032,155	Series 2016-B-A		3.92%	^		08/15/2019		10,096,123
	14,943,542	Series 2016-C-A		2.96%	^		09/16/2019		14,967,523
		Blue Elephant Loan Trust,
	2,992,149	Series 2015-1-A		3.12%	^		12/15/2022		2,999,049
		CAN Capital Funding LLC,
	50,000,000	Series 2012-1A-B1		3.12%	^		04/15/2020		49,989,200
		Castlelake Aircraft Securitization Trust,
	36,587,031	Series 2015-1A-A		4.70%	^		12/15/2040		36,913,351
	49,655,000	Series 2016-1-A		4.45%			08/15/2041		50,083,572
		Citi Held For Asset Issuance,
	14,601,458	Series 2015-PM1-A		1.85%	^		12/15/2021		14,589,491
	29,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		28,901,864
	10,500,000	Series 2015-PM1-C		5.01%	^		12/15/2021		10,197,202
	18,655,585	Series 2015-PM2-A		2.35%	^		03/15/2022		18,652,409
	45,000,000	Series 2015-PM2-B		4.00%	^		03/15/2022		44,955,396
	30,000,000	Series 2015-PM2-C		5.96%	^		03/15/2022		29,517,450
	5,259,197	Series 2015-PM3-A		2.56%	^		05/16/2022		5,261,399
	23,921,681	Series 2016-MF1-A		4.48%	^		08/15/2022		24,308,375
	34,283,203	Series 2016-PM1-A		4.65%	^		04/15/2025		34,856,024
		Colony American Finance Ltd.,
	36,794,237	Series 2016-1-A		2.54%	^		06/15/2048		36,841,253
		Commonbond Student Loan Trust,
	21,263,027	Series 2015-A-A1		3.20%	^		06/25/2032		21,404,681
	23,285,996	Series 2016-A-A1		3.32%	^		05/25/2040		23,489,045
		Conn’s Receivables Funding LLC,
	37,545,253	Series 2016-A-A		4.68%	^		04/16/2018		37,644,335
		Consumer Credit Origination Loan Trust,
	10,114,904	Series 2015-1-A		2.82%	^		03/15/2021		10,131,166
		Consumer Installment Loan Trust,
	52,892,352	Series 2016-LD1-A		3.96%	^		07/15/2022		53,053,092
		DB Master Finance LLC,
	53,682,500	Series 2015-1A-A2I		3.26%	^		02/20/2045		54,101,846
	36,937,500	Series 2015-1A-A2II		3.98%	^		02/20/2045		37,837,918
		Eaglewood Consumer Loan Trust,
	114,000,000	Series 2014-1-A		3.50%	^¥		10/15/2019		113,435,586
		Earnest Student Loan Program,
	24,191,243	Series 2016-B-LLC		3.02%	^		05/25/2034		24,288,799
		ECAF Ltd.,
	74,337,893	Series 2015-1A-A2		4.95%	^		06/15/2040		73,914,241
		Element Rail Leasing LLC,
	9,281,258	Series 2016-1A-A1		3.97%	^		03/19/2046		9,407,799
		Foundation Finance Trust,
	20,669,290	Series 2016-1A-A		3.96%	^		06/15/2035		20,719,599
		HERO Funding Trust,
	13,570,000	Series 2016-3A-A2		3.91%	^		09/20/2042		13,926,715
		L2L Education Loan Trust,
	8,498,384	Series 2006-1A-B		1.02%	#^		10/15/2028		7,410,398
		LendingClub Issuance Trust,
	18,068,235	Series 2016-NP1-A		3.75%	^		06/15/2022		18,167,393
		Marketplace Loan Trust,
	1,929,394	Series 2015-AV1-A		4.00%	^		09/15/2021		1,943,906
	17,324,335	Series 2015-AV2-A		4.00%	^		10/15/2021		17,427,311
	20,684,444	Series 2015-CB1-A		4.00%	^		07/15/2021		20,680,233
	30,563,927	Series 2015-LD1-A		4.00%	^		12/15/2021		30,530,276
	48,087,590	Series 2016-LD1-A		5.25%	^		03/15/2022		48,397,178
		Nelnet Student Loan Trust,
	26,100,000	Series 2007-2A-B1		1.70%	#^		09/25/2035		19,838,767
		OneMain Direct Auto Receivables Trust,
	69,146,658	Series 2016-1A-A		2.04%	^		01/15/2021		69,438,284

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		OneMain Financial Issuance Trust,
	23,808,478	Series 2014-1A-A		2.43%	^		06/18/2024		23,831,948
	90,000,000	Series 2016-2A-A		4.10%	^		03/20/2028		92,745,135
		OneMain Financial Issuance Trust 2015-2,
	15,971,000	Series 2015-2A-A		2.57%	^		07/18/2025		16,046,921
		Oportun Funding LLC,
	17,000,000	Series 2016-B-A		3.69%	^		07/08/2021		16,976,538
		Oxford Finance Funding LLC,
	25,000,000	Series 2016-1A-A		3.97%	^		06/17/2024		25,145,130
		Shenton Aircraft Investment Ltd.,
	47,231,269	Series 2015-1A-A		4.75%	^		10/15/2042		46,845,248
		SLM Private Credit Student Loan Trust,
	12,126,999	Series 2004-A-A3		1.25%	#		06/15/2033		11,460,129
		Sofi Consumer Loan Program LLC,
	6,082,512	Series 2016-1-NT		3.26%	^		08/25/2025		6,146,210
		SoFi Consumer Loan Program Trust,
	22,000,000	Series 2016-2-A		3.09%	^		10/27/2025		22,069,186
		SoFi Professional Loan Program,
	24,894,115	Series 2016-A-A2		2.76%	^		12/26/2036		25,535,128
		SpringCastle America Funding LLC,
	72,412,309	Series 2014-AA-A		2.70%	^		05/25/2023		72,665,100
	74,445,000	Series 2014-AA-B		4.61%	^		10/25/2027		74,482,371
	120,200,000	Series 2016-AA-A		3.05%	^		04/25/2029		121,427,122
		Spruce Asset Backed Securities Trust,
	6,582,360	Series 2016-E1-A		4.32%	^		06/15/2028		6,603,331
		TAL Advantage LLC,
	5,977,000	Series 2013-2A-A		3.55%	^		11/20/2038		5,923,706
		Total Asset Backed Obligations (Cost $1,732,817,740)							1,737,971,795
	COLLATERALIZED LOAN OBLIGATIONS 4.5%
		Adams Mill Ltd.,
	20,000,000	Series 2014-1A-A1		2.16%	#^		07/15/2026		19,977,524
	10,000,000	Series 2014-1A-C1		3.68%	#^		07/15/2026		10,036,868
		ALM LLC,
	25,000,000	Series 2016-19A-A1		2.18%	#^		07/15/2028		25,058,652
		ALM Loan Funding,
	27,725,000	Series 2012-7A-A1		2.11%	#^		10/19/2024		27,725,197
	20,000,000	Series 2014-14A-A1		2.17%	#^		07/28/2026		20,030,000
		Anchorage Capital Ltd.,
	12,600,000	Series 2014-4A-A1A		2.19%	#^		07/28/2026		12,619,997
	20,000,000	Series 2014-5A-A		2.28%	#^		10/15/2026		20,134,917
		Apidos Ltd.,
	43,900,000	Series 2013-16A-A1		2.14%	#^		01/19/2025		44,005,581
	5,500,000	Series 2014-18A-B		3.50%	#^		07/22/2026		5,483,300
	25,000,000	Series 2014-19A-A1		2.18%	#^		10/17/2026		25,061,086
	23,000,000	Series 2015-20A-A1		2.23%	#^		01/16/2027		23,097,606
		ARES Ltd.,
	25,000,000	Series 2013-1A-B		2.43%	#^		04/15/2025		24,755,241
	6,500,000	Series 2013-1A-D		4.43%	#^		04/15/2025		6,297,494
	3,174,482	Series 2014-30A-A2		1.55%	#^		04/20/2023		3,178,477
		Avery Point Ltd.,
	3,950,000	Series 2013-2A-D		4.13%	#^		07/17/2025		3,657,835
	10,000,000	Series 2013-3A-A		2.08%	#^		01/18/2025		10,003,000
	5,000,000	Series 2014-1A-A		2.23%	#^		04/25/2026		5,019,450
		Babson Ltd.,
	4,500,000	Series 2014-3A-D2		4.88%	#^		01/15/2026		4,523,173
	4,750,000	Series 2014-IIA-C		3.58%	#^		10/17/2026		4,720,370
	3,750,000	Series 2014-IIA-D		4.28%	#^		10/17/2026		3,559,860
		Birchwood Park Ltd.,
	5,000,000	Series 2014-1A-C2		3.83%	#^		07/15/2026		5,004,509
	6,500,000	Series 2014-1A-D2		4.88%	#^		07/15/2026		6,495,570
		BlueMountain Ltd.,
	71,250,000	Series 2012-2A-A1		2.23%	#^		11/20/2024		71,356,875

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 19

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BlueMountain Ltd., (Cont.)
	19,000,000	Series 2012-2A-B1		2.87%	#^		11/20/2024		19,014,618
	16,150,000	Series 2012-2A-C		3.56%	#^		11/20/2024		16,190,994
	33,150,000	Series 2013-1A-A1		2.02%	#^		05/15/2025		33,063,669
	4,000,000	Series 2013-4A-A		2.18%	#^		04/15/2025		4,012,410
	5,000,000	Series 2014-3A-A1		2.16%	#^		10/15/2026		5,004,719
	6,250,000	Series 2014-4A-B1		3.23%	#^		11/30/2026		6,265,308
	58,250,000	Series 2015-3A-A1		2.18%	#^		10/20/2027		58,379,638
	34,500,000	Series 2015-4A-B		2.95%	#^		01/20/2027		34,730,174
	9,250,000	Series 2015-4A-C		3.90%	#^		01/20/2027		9,266,311
	8,750,000	Series 2015-4A-D1		5.30%	#^		01/20/2027		8,852,330
	22,500,000	Series 2016-2A-A2		2.70%	#^		08/20/2028		22,463,166
		Bridgeport Ltd.,
	234,945	Series 2006-1A-A1		0.95%	#^		07/21/2020		235,097
		Brookside Mill Ltd.,
	17,000,000	Series 2013-1A-C1		3.38%	#^		04/17/2025		16,728,403
		Callidus Debt Partners Fund Ltd.,
	12,852,863	Series 2007-6A-A1T		0.97%	#^		10/23/2021		12,729,323
		Canyon Capital Ltd.,
	9,500,000	Series 2012-1A-B1		2.63%	#^		01/15/2024		9,536,363
	1,000,000	Series 2014-1A-B		3.41%	#^		04/30/2025		985,647
		Carlyle Global Market Strategies Ltd.,
	36,790,000	Series 2012-2A-A1R		2.00%	#^		07/20/2023		36,833,672
	10,000,000	Series 2012-4A-A		2.09%	#^		01/20/2025		10,009,743
	17,000,000	Series 2014-3A-B		3.88%	#^		07/27/2026		17,043,719
	2,500,000	Series 2014-3A-C2		4.93%	#^		07/27/2026		2,506,583
	20,000,000	Series 2015-5A-A1A		2.25%	#^		01/20/2028		20,073,295
	8,000,000	Series 2015-5A-A2A		2.95%	#^		01/20/2028		8,065,168
	4,000,000	Series 2015-5A-B2		3.95%	#^		01/20/2028		4,054,157
		Carlyle High Yield Partners Ltd.,
	1,750,000	Series 2006-8A-B		1.19%	#^		05/21/2021		1,718,697
	19,666,581	Series 2007-10A-A2A		0.90%	#^		04/19/2022		19,664,351
		Catamaran Ltd.,
	8,500,000	Series 2015-1A1-B		2.90%	#^		04/22/2027		8,520,558
	47,000,000	Series 2015-1A-A		2.25%	#^		04/22/2027		47,055,101
		Cathedral Lake Ltd.,
	22,000,000	Series 2013-1A-A1R		2.25%	#^		01/15/2026		22,000,000
	43,000,000	Series 2016-4A-A		2.51%	#^		10/20/2028		43,000,000
		Cent Ltd.,
	1,573,363	Series 2007-14A-A1		0.92%	#^		04/15/2021		1,552,415
	23,861,284	Series 2007-14A-A2A		0.91%	#^		04/15/2021		23,550,313
	11,000,000	Series 2014-21A-A1A		2.22%	#^		07/27/2026		11,005,349
	6,250,000	Series 2014-22A-B		3.99%	#^		11/07/2026		6,274,907
	7,250,000	Series 2014-22A-C		4.54%	#^		11/07/2026		7,039,096
		Covenant Credit Partners Ltd.,
	5,000,000	Series 2014-1A-A		2.18%	#^		07/20/2026		5,007,048
		Crown Point Ltd.,
	5,145,666	Series 2012-1A-A1LB		2.31%	#^		11/21/2022		5,154,563
		Dryden Senior Loan Fund,
	10,000,000	Series 2012-25A-B1		2.93%	#^		01/15/2025		10,007,080
		Eaton Vance Ltd.,
	9,484,480	Series 2006-8A-A		1.07%	#^		08/15/2022		9,404,546
		Flagship Ltd.,
	25,000,000	Series 2014-8A-A		2.24%	#^		01/16/2026		25,065,356
		Flatiron Ltd.,
	18,100,000	Series 2013-1A-A1		2.08%	#^		01/17/2026		18,072,016
	6,750,000	Series 2014-1A-C		3.98%	#^		07/17/2026		6,159,375
		Fortress Credit Ltd.,
	10,000,000	Series 2013-1A-A		1.87%	#^		01/19/2025		10,002,779
	10,000,000	Series 2013-1A-B		2.59%	#^		01/19/2025		10,012,266
		Galaxy Ltd.,
	30,500,000	Series 2013-15A-A		1.93%	#^		04/15/2025		30,504,309
	15,000,000	Series 2013-15A-B		2.53%	#^		04/15/2025		14,950,019
	13,100,000	Series 2013-15A-C		3.28%	#^		04/15/2025		13,148,326
	6,125,000	Series 2013-15A-D		4.08%	#^		04/15/2025		5,969,971
	50,000,000	Series 2016-22A-A1		2.24%	#^		07/16/2028		50,027,936

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GLG Ore Hill Ltd.,
	37,000,000	Series 2013-1A-A		1.80%	#^		07/15/2025		36,334,938
		GoldenTree Loan Opportunities Ltd.,
	30,000,000	Series 2014-9A-A		2.26%	#^		10/29/2026		30,099,810
		Halcyon Loan Advisors Funding Ltd.,
	6,500,000	Series 2014-2A-C		4.24%	#^		04/28/2025		5,681,162
	1,750,000	Series 2014-2A-D		5.74%	#^		04/28/2025		1,317,523
	5,000,000	Series 2014-3A-D		4.35%	#^		10/22/2025		4,400,000
		Harbourview Ltd.,
	30,000,000	Series 2016-7A-A1		2.40%	#^		11/18/2026		30,125,691
		Hildene Ltd.,
	39,000,000	Series 2014-3A-A		2.30%	#^		10/20/2026		38,978,500
	5,000,000	Series 2015-4A-A1A		2.21%	#^		07/23/2027		4,991,655
		ICE Global Credit Ltd.,
	20,000,000	Series 2013-1A-A1		2.45%	#^¥		04/20/2024		19,297,734
	15,000,000	Series 2013-1A-B2		3.25%	#^¥		04/20/2024		13,505,108
		ING Ltd.,
	676,082	Series 2006-2A-A2		1.10%	#^		08/01/2020		676,222
	5,330,993	Series 2007-5A-A1A		0.99%	#^		05/01/2022		5,324,305
	6,508,963	Series 2012-1RA-A1R		2.06%	#^		03/14/2022		6,517,297
	10,500,000	Series 2013-3A-A1		2.36%	#		08/01/2020		10,374,730
	3,415,000	Series 2013-3A-A1		2.13%	#^		01/18/2026		3,417,150
	4,250,000	Series 2013-3A-B		3.38%	#^		01/18/2026		4,233,562
		Jamestown Ltd.,
	15,000,000	Series 2012-1A-A1		2.21%	#^		11/05/2024		15,014,059
	50,000,000	Series 2013-3A-A1A		2.13%	#^		01/15/2026		50,004,468
	15,000,000	Series 2014-4A-A1A		2.18%	#^		07/15/2026		14,945,342
	28,750,000	Series 2015-6A-A1A		2.41%	#^		02/20/2027		28,890,579
		KVK Ltd.,
	20,000,000	Series 2013-1A-A		2.07%	#^		04/14/2025		20,070,769
		Landmark Ltd.,
	9,500,000	Series 2006-8A-C		1.44%	#^		10/19/2020		9,220,435
		LCM LP,
	3,650,000	Series 11A-D2		4.64%	#^		04/19/2022		3,651,883
	12,600,000	Series 13A-C		3.59%	#^		01/19/2023		12,606,411
	7,825,000	Series 14A-D		4.18%	#^		07/15/2025		7,673,132
	21,000,000	Series 16A-A		2.18%	#^		07/15/2026		21,005,497
	2,750,000	Series 16A-D		4.28%	#^		07/15/2026		2,669,083
		Limerock Ltd.,
	7,250,000	Series 2014-2A-A		2.18%	#^		04/18/2026		7,250,452
	25,000,000	Series 2014-3A-A1		2.23%	#^		10/20/2026		25,043,663
		Madison Park Funding Ltd.,
	3,977,023	Series 2007-4A-A1A		1.09%	#^		03/22/2021		3,932,869
	7,000,000	Series 2007-4A-A1B		1.17%	#^		03/22/2021		6,779,355
	4,000,000	Series 2012-9A-AR		2.11%	#^		08/15/2022		3,995,861
	3,000,000	Series 2014-14A-C1		3.80%	#^		07/20/2026		3,000,784
	5,500,000	Series 2014-15A-C		4.43%	#^		01/27/2026		5,477,264
		Magnetite Ltd.,
	19,250,000	Series 2015-12A-A		2.18%	#^		04/15/2027		19,274,063
		MAPS Fund Ltd.,
	10,000,000	Series 2007-2A-B		1.60%	#^		07/20/2022		9,689,807
		Marathon Ltd.,
	17,000,000	Series 2013-5A-A2A		3.16%	#^		02/21/2025		17,026,442
		Mountain View Ltd.,
	25,000,000	Series 2007-3A-A2		1.02%	#^		04/16/2021		25,019,810
		Nautique Funding Ltd.,
	860,816	Series 2006-1A-A1A		0.93%	#^		04/15/2020		860,985
	2,000,000	Series 2006-1A-C		2.38%	#^		04/15/2020		1,973,423
		Nomad Ltd.,
	9,000,000	Series 2013-1A-B		3.63%	#^		01/15/2025		9,004,689
	3,500,000	Series 2013-1A-C		4.18%	#^		01/15/2025		3,439,508
		Northwoods Capital Corporation,
	30,000,000	Series 2012-9A-A		2.10%	#^		01/18/2024		30,001,120
	16,660,000	Series 2013-10-A1		2.17%	#^		11/04/2025		16,630,781
		Oak Hill Credit Partners,
	29,000,000	Series 2012-7A-A		2.23%	#^		11/20/2023		29,035,767
	18,000,000	Series 2012-7A-B1		3.06%	#^		11/20/2023		18,025,129

20 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ocean Trails,
	50,000,000	Series 2014-5A-A2		2.33%	#^		10/13/2026		50,050,666
		OCP Ltd.,
	6,262,690	Series 2012-2A-A2		2.29%	#^		11/22/2023		6,270,493
	60,000,000	Series 2016-12A-A1		2.43%	#^		10/18/2028		59,940,000
		Octagon Investment Partners Ltd.,
	20,000,000	Series 2013-1A-A		1.98%	#^		01/19/2025		19,997,820
	41,000,000	Series 2014-1A-A		2.20%	#^		04/15/2026		41,035,146
	15,000,000	Series 2014-1A-A		2.26%	#^		08/12/2026		15,013,343
	13,500,000	Series 2014-1A-B		4.02%	#^		11/14/2026		13,550,138
	5,500,000	Series 2014-1A-C		4.47%	#^		11/14/2026		5,361,619
	1,500,000	Series 2014-1A-C2		4.20%	#^		11/25/2025		1,503,327
		OZLM Funding Ltd.,
	9,000,000	Series 2013-5A-A1		2.18%	#^		01/17/2026		9,010,892
		OZLM Ltd.,
	6,700,000	Series 2014-6A-A1		2.23%	#^		04/17/2026		6,700,067
	25,000,000	Series 2014-9A-A1		2.28%	#^		01/20/2027		25,029,963
	38,500,000	Series 2015-11A-A1A		2.31%	#^		01/30/2027		38,551,818
	5,000,000	Series 2015-11A-A2A		3.01%	#^		01/30/2027		4,998,684
		Race Point Ltd.,
	30,000,000	Series 2012-7A-A		2.21%	#^		11/08/2024		30,030,518
	24,000,000	Series 2012-7A-B		3.04%	#^		11/08/2024		24,122,630
	5,500,000	Series 2013-8A-B		2.71%	#^		02/20/2025		5,504,526
		Regatta Funding Ltd.,
	30,000,000	Series 2014-1A-A1A		2.27%	#^		10/25/2026		30,035,435
	35,000,000	Series 2016-1A-A1		2.37%	#^		12/20/2028		35,000,000
		Silverado Ltd.,
	748,623	Series 2006-2A-A1		0.92%	#^		10/16/2020		742,595
		Sound Harbor Loan Fund Ltd.,
	25,000,000	Series 2014-1A-A1		2.26%	#^		10/30/2026		25,029,977
		Steele Creek Ltd.,
	22,000,000	Series 2014-1A-A1		2.41%	#^		08/21/2026		22,027,966
		Symphony Ltd.,
	7,880,000	Series 2010-10A-AR		1.98%	#^		07/23/2023		7,881,018
	29,500,000	Series 2013-11A-B1		2.88%	#^		01/17/2025		29,572,992
	10,250,000	Series 2013-11A-C		3.83%	#^		01/17/2025		10,259,097
		TCI-Flatiron Ltd.,
	30,000,000	Series 2016-1A-A		2.21%	#^		07/17/2028		30,091,732
		Thacher Park Ltd.,
	2,000,000	Series 2014-1A-C		3.75%	#^		10/20/2026		2,000,482
	4,500,000	Series 2014-1A-D1		4.23%	#^		10/20/2026		4,372,267
		Venture Ltd.,
	10,929,080	Series 2006-1A-A1		1.00%	#^		08/03/2020		10,820,997
	5,723,797	Series 2007-8A-A2A		0.92%	#^		07/22/2021		5,625,955
	18,500,000	Series 2014-16A-A1L		2.18%	#^		04/15/2026		18,513,855
	47,950,000	Series 2014-17A-A		2.16%	#^		07/15/2026		47,971,348
	3,500,000	Series 2014-17A-B2		2.78%	#^		07/15/2026		3,503,979
	18,500,000	Series 2015-20A-A		2.17%	#^		04/15/2027		18,521,095
	13,000,000	Series 2016-23A-A		2.30%	#^		07/19/2028		13,015,469
		Voya Ltd.,
	35,000,000	Series 2014-4A-A1		2.17%	#^		10/14/2026		35,015,891
		Washington Mill Ltd.,
	56,500,000	Series 2014-1A-A1		2.20%	#^		04/20/2026		56,471,750
	5,000,000	Series 2014-1A-B1		2.75%	#^		04/20/2026		4,999,945
	4,750,000	Series 2014-1A-C		3.70%	#^		04/20/2026		4,767,472
		Westwood Ltd.,
	8,688,397	Series 2006-1X-A1		1.10%	#		03/25/2021		8,618,262
	7,072,909	Series 2007-2A-A1		0.93%	#^		04/25/2022		7,048,313
		WhiteHorse Ltd.,
	50,000,000	Series 2012-1A-A1L		2.16%	#^		02/03/2025		50,102,160
		Wind River Ltd.,
	59,000,000	Series 2012-1A-A		2.08%	#^		01/15/2024		59,000,000
	18,000,000	Series 2012-1A-B1		2.78%	#^		01/15/2024		18,000,000
	13,750,000	Series 2012-1A-C1		3.73%	#^		01/15/2024		13,750,000
	19,000,000	Series 2014-1A-A		2.20%	#^		04/18/2026		19,035,258
	45,000,000	Series 2016-2A-A		2.36%	#^		11/01/2028		45,000,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Zais Ltd.,
	30,000,000	Series 2014-2A-A1A		2.21%	#^		07/25/2026		29,982,878
		Total Collateralized Loan Obligations (Cost $2,795,788,534)							2,802,652,121
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 7.5%
		BAMLL Commercial Mortgage Securities Trust,
	10,150,000	Series 2011-07C1-A3B		5.38%	^		12/15/2016		10,141,652
	8,350,000	Series 2014-IP-E		2.81%	#^		06/15/2028		8,249,908
		Banc of America Commercial Mortgage Trust,
	5,038,000	Series 2006-6-AM		5.39%			10/10/2045		5,038,643
	11,700,000	Series 2007-2-AM		5.80%	#		04/10/2049		11,902,270
	59,298,515	Series 2007-5-AM		5.77%	#		02/10/2051		60,819,990
	218,142,248	Series 2007-5-XW		0.50%	#^ I/O		02/10/2051		613,569
	13,728,000	Series 2010-UBER3-A4B2		5.95%	#^		05/15/2046		14,021,639
	4,000,000	Series 2015-UBS7-B		4.51%	#		09/15/2048		4,433,094
	60,110,323	Series 2015-UBS7-XA		1.07%	# I/O		09/15/2048		3,657,731
	67,696,963	Series 2016-UBS10-XA		2.17%	# I/O		06/15/2049		8,632,913
		Barclays Commercial Mortgage Securities LLC,
	27,365,000	Series 2015-STP-D		4.43%	#^		09/10/2028		27,508,825
		Bear Stearns Commercial Mortgage Securities, Inc.,
	1,087,374	Series 2006-PW13-AJ		5.61%	#		09/11/2041		1,086,923
	19,225,000	Series 2006-PW14-AM		5.24%			12/11/2038		19,243,404
	28,000,000	Series 2007-PW16-AM		5.91%	#		06/11/2040		28,671,143
	12,815,000	Series 2007-PW17-AMFL		1.22%	#^		06/11/2050		12,618,242
	25,635,066	Series 2007-PW18-A4		5.70%			06/11/2050		26,409,050
	4,500,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		4,341,621
		CD Commercial Mortgage Trust,
	60,301,000	Series 2007-CD4-AM		5.30%	#^		12/11/2049		60,868,867
	129,807,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		131,056,925
		CDGJ Commercial Mortgage Trust,
	33,200,000	Series 2014-BXCH-B		2.37%	#^		12/15/2027		33,121,279
		CFCRE Commercial Mortgage Trust,
	102,335,399	Series 2016-C4-C		1.94%	# I/O		05/10/2058		12,602,502
	7,155,000	Series 2016-C4-XA		5.04%	#		05/10/2058		7,520,293
		CGGS Commercial Mortgage Trust,
	5,810,456	Series 2016-RNDB-AFL		2.17%	#^		02/15/2033		5,841,898
		Citigroup Commercial Mortgage Trust,
	42,169,000	Series 2007-C6-AM		5.90%	#		12/10/2049		42,848,292
	7,020,000	Series 2007-C6-AMFX		5.90%	#^		12/10/2049		7,133,084
	16,359,000	Series 2008-C7-AM		6.33%	#		12/10/2049		16,926,392
	7,708,000	Series 2008-C7-FLT		6.33%	#		12/10/2049		7,939,393
	288,943,096	Series 2012-GC8-XA		2.31%	#^ I/O		09/10/2045		19,910,173
	118,011,633	Series 2014-GC19-XA		1.42%	# I/O		03/10/2047		7,569,797
	116,542,210	Series 2014-GC21-XA		1.44%	# I/O		05/10/2047		8,355,517
	9,011,000	Series 2014-GC25-A4		3.64%			10/10/2047		9,794,512
	197,814,005	Series 2014-GC25-XA		1.23%	# I/O		10/10/2047		13,289,995
	50,000,000	Series 2015-GC27-A5		3.14%			02/10/2048		52,543,490
	6,265,000	Series 2015-GC27-B		3.77%			02/10/2048		6,636,375
	8,216,000	Series 2015-GC27-D		4.58%	#^		02/10/2048		6,717,393
	221,801,574	Series 2015-GC27-XA		1.58%	# I/O		02/10/2048		19,600,051
	14,310,000	Series 2015-GC33-C		4.72%	#		09/10/2058		14,834,307
	180,130,543	Series 2015-GC33-XA		1.13%	# I/O		09/10/2058		11,905,512
	20,725,000	Series 2015-GC35-C		4.65%			11/10/2048		21,389,153
	154,436,914	Series 2016-C1-XA		2.12%	# I/O		05/10/2049		21,384,509
	220,682,600	Series 2016-GC36-XA		1.51%	# I/O		02/10/2049		20,395,773
	114,803,909	Series 2016-P3-XA		1.88%	# I/O		04/15/2049		13,439,393
	79,651,582	Series 2016-P4-XA		2.18%	# I/O		07/10/2049		11,501,593
		Citigroup Mortgage Loan Trust, Inc.,
	87,284,136	Series 2016-GC37-XA		1.97%	# I/O		04/10/2049		11,287,384
		COBALT Commercial Mortgage Trust,
	3,300,429	Series 2006-C1-AM		5.25%			08/15/2048		3,300,017
	17,400,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		17,408,623
	22,750,000	Series 2007-C2-AMFX		5.53%	#		04/15/2047		23,017,071
		Colony Mortgage Capital Ltd.,
	5,937,136	Series 2015-FL3-A		2.47%	#^		09/05/2032		5,962,226

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 21

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Commercial Mortgage Pass-Through Certificates,
	140,478,261	Series 2002-LC4-XA		2.48%	#^ I/O		12/10/2044		11,823,184
	8,494,191	Series 2007-C9-AJFL		1.21%	#^		12/10/2049		8,196,822
	4,118,918	Series 2008-LS1F-LT		6.30%	#		12/10/2049		4,238,770
	35,357,003	Series 2012-CR2-XA		1.90%	# I/O		08/15/2045		2,748,448
	176,834,030	Series 2012-CR3-XA		2.08%	# I/O		10/15/2045		14,455,245
	233,136,530	Series 2013-CCRE-12		1.54%	# I/O		10/10/2046		14,801,022
	180,359,886	Series 2013-CR10-XA		1.10%	# I/O		08/10/2046		7,080,208
	9,850,000	Series 2014-CR19-C		4.88%	#		08/10/2047		10,311,608
	5,211,000	Series 2014-CR20-A4		3.59%			11/10/2047		5,670,862
	30,400,000	Series 2014-CR20-C		4.66%	#		11/10/2047		31,658,621
	71,378,000	Series 2014-CR21-A3		3.53%			12/10/2047		77,238,484
	120,978,460	Series 2014-UBS-3		1.49%	# I/O		06/10/2047		8,127,805
	15,011,000	Series 2014-UBS3-A4		3.82%			06/10/2047		16,453,339
	8,215,000	Series 2015-CALW-D		3.98%	#^		02/10/2034		8,512,897
	20,970,000	Series 2015-CR22-D		4.26%	#^		03/10/2048		17,210,157
	224,372,375	Series 2015-CR22-XA		1.16%	# I/O		03/10/2048		12,924,791
	9,230,000	Series 2015-CR23-D		4.40%	#		05/10/2048		7,124,994
	9,110,000	Series 2015-CR26-B		4.64%	#		10/10/2048		9,778,093
	91,411,600	Series 2015-CR26-XA		1.21%	# I/O		10/10/2048		6,228,055
	50,000,000	Series 2015-DC1-A5		3.35%			02/10/2048		53,075,230
	8,715,000	Series 2015-DC1-C		4.50%	#		02/10/2048		8,743,758
	13,275,000	Series 2015-DC1-D		4.50%	#^		02/10/2048		10,515,684
	408,276,469	Series 2015-DC1-XA		1.32%	# I/O		02/10/2048		26,876,350
	35,000,000	Series 2015-LC19-A4		3.18%			02/10/2048		37,036,265
	29,922,000	Series 2016-CCRE28		4.80%	#		02/10/2049		30,736,046
		Countrywide Commercial Mortgage Trust,
	22,684,417	Series 2007-MF1-A		6.30%	#^		11/12/2043		23,084,035
		Credit Suisse First Boston Mortgage Securities Corporation,
	239,575	Series 1998-C2-F		6.75%	#^		11/15/2030		241,013
		Credit Suisse Mortgage Capital Certificates,
	51,221,320	Series 2006-C5-AM		5.34%			12/15/2039		51,234,084
	5,164,000	Series 2007-C2-AM		5.62%	#		01/15/2049		5,221,644
	53,214,000	Series 2007-C4-A1AM		6.13%	#		09/15/2039		54,678,002
	10,520,870	Series 2007-C5-A4		5.70%	#		09/15/2040		10,764,374
	16,900,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		17,037,331
	8,800,000	Series 2010-RR1-1B		5.69%	#^		04/16/2049		8,831,662
	5,150,000	Series 2010-RR2-3B		5.34%	#^		12/15/2043		5,161,196
	10,000,000	Series 2010-RR5-2B		5.34%	#^		12/16/2043		10,029,745
	150,822,000	Series 2014-USA-X1		0.70%	#^ I/O		09/15/2037		6,179,343
		CSAIL Commercial Mortgage Trust,
	4,606,000	Series 2015-C1-C		4.44%	#		04/15/2050		4,807,566
	13,360,000	Series 2015-C2-AS		3.85%			06/15/2057		14,389,006
	22,320,000	Series 2015-C3-C		4.51%	#		08/15/2048		23,131,470
	9,759,000	Series 2015-C4-C		4.74%	#		11/15/2048		10,030,517
	320,479,942	Series 2015-C4-XA		1.10%	# I/O		11/15/2048		19,896,292
		DBRR Trust,
	14,554,963	Series 2011-C32-A3B		5.89%	#^		06/17/2049		14,720,901
		DBUBS Mortgage Trust,
	122,855,473	Series 2011-LC2A-XA		1.33%	#^ I/O		07/10/2044		4,822,348
		Deutsche Bank Commercial Mortgage Trust,
	125,422,094	Series 2016-C1-XA		1.66%	# I/O		05/10/2049		13,503,545
		GE Commercial Mortgage Corporation Trust,
	11,417,000	Series 2007-C1-AM		5.61%	#		12/10/2049		11,319,162
		Greenwich Capital Commercial Funding Corporation,
	5,580,183	Series 2006-GG7-AM		5.95%	#		07/10/2038		5,574,609
	38,266,000	Series 2007-GG11-AJ		6.24%	#		12/10/2049		38,308,705
	20,167,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		20,819,415
	70,224,500	Series 2007-GG9-AM		5.48%			03/10/2039		70,809,632
	50,775,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		51,161,073
		GS Mortgage Securities Corporation,
	4,674,014	Series 2006-GG6-XC		0.00%	#^ I/O		04/10/2038		47
	16,034,869	Series 2006-GG8-AM		5.59%			11/10/2039		16,028,250
	20,615,230	Series 2007-GG10-A4		5.99%	#		08/10/2045		20,951,512
	20,483,776	Series 2011-GC3-X		0.84%	#^ I/O		03/10/2044		494,499
	100,267,165	Series 2012-GC6-XA		2.18%	#^ I/O		01/10/2045		8,363,224
	27,568,926	Series 2013-GC10-XA		1.75%	# I/O		02/10/2046		2,097,877
	42,818,726	Series 2014-GC20-XA		1.33%	# I/O		04/10/2047		2,559,297
	60,850,000	Series 2014-GC26-A5		3.63%			11/10/2047		66,158,286
	35,000,000	Series 2015-GC28-A5		3.40%			02/10/2048		37,463,275

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY			VALUE $
		GS Mortgage Securities Corporation, (Cont.)
	289,589,335	Series 2015-GC28-XA		1.30%	# I/O		02/10/2048			18,330,165
	253,677,148	Series 2015-GC32-XA		1.04%	# I/O		07/10/2048			13,667,516
	175,431,625	Series 2015-GC34-XA		1.53%	# I/O		10/10/2048			15,908,403
	69,500,047	Series 2015-GS1-XA		0.99%	# I/O		11/10/2048			4,141,946
	55,882,597	Series 2016-GS2-XA		1.82%	# I/O		05/10/2049			6,448,433
		GS Mortgage Securities Trust,
	361,333,000	Series 2016-GS3-XA		1.29%	# I/O		10/10/2049			33,035,845
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	2,208,508	Series 2004-CBX-X1		0.63%	#^ I/O		01/12/2037	��		50,935
	99,317	Series 2004-LN2-A2		5.12%			07/15/2041			99,308
	7,151,512	Series 2005-CIBC12-AJ		4.99%	#		09/12/2037			7,149,559
	6,095,602	Series 2005-LDP4-X1		0.27%	#^ I/O		10/15/2042			3,527
	837,683	Series 2006-LDP7-AM		6.12%	#		04/17/2045			836,488
	16,509,047	Series 2006-LDP8-X		0.68%	# I/O		05/15/2045			145
	49,615,685	Series 2006-LDP9-AM		5.37%			05/15/2047			49,772,173
	13,098,000	Series 2007-C1-AM		6.19%	#		02/15/2051			13,225,924
	1,090,178	Series 2007-C1-ASB		5.86%			02/15/2051			1,096,740
	24,000,000	Series 2007- CB18-AMFX		5.40%			06/12/2047			24,220,795
	121,335,233	Series 2007-CB18-X		0.44%	# I/O		06/12/2047			167,819
	35,539,000	Series 2007-CB20-AJ		6.29%	#		02/12/2051			35,555,252
	24,769,000	Series 2007-CB20-AM		6.09%	#		02/12/2051			25,659,024
	968,779,417	Series 2007-CB20-X1		0.45%	#^ I/O		02/12/2051			2,249,506
	24,600,399	Series 2007-CIBC18-AM		5.47%	#		06/12/2047			24,832,546
	108,977,691	Series 2007-CIBC19-AM		5.88%	#		02/12/2049			110,877,216
	51,440,330	Series 2007-LD12-AM		6.21%	#		02/15/2051			52,869,065
	11,336,000	Series 2009-RR2-GEB		5.54%	^		12/13/2049			11,362,827
	208,179,709	Series 2012-C6-XA		2.00%	# I/O		05/15/2045			13,160,996
	431,332,909	Series 2012-C8-XA		2.17%	# I/O		10/15/2045			31,159,274
	136,302,545	Series 2012-CBX-XA		1.84%	# I/O		06/15/2045			8,473,384
	5,425,000	Series 2014-DSTY-A		3.43%	^		06/10/2027			5,604,538
	6,725,000	Series 2014-INN-C		2.22%	#^		06/15/2029			6,622,670
	7,250,000	Series 2014-INN-D		2.87%	#^		06/15/2029			7,108,945
	24,200,000	Series 2014-PHH-D		2.92%	#^		08/15/2027			24,059,647
	14,406,000	Series 2014-PHH-E		3.82%	#^		08/15/2027			14,315,327
	7,595,000	Series 2015-CSMO-C		2.77%	#^		01/15/2032			7,584,389
	80,532,589	Series 2015-JP1-XA		1.31%	# I/O		01/15/2049			5,108,528
		JP Morgan Chase Commercial Mortgage Securities Trust,
	39,057,000	Series 2007-LD11-AM		5.94%	#		06/15/2049			39,339,312
	17,788,786	Series 2008-C2-A4		6.07%			02/12/2051			18,254,578
		JPMBB Commercial Mortgage Securities Trust,
	105,425,109	Series 2014-C18-XA		1.25%	# I/O		02/15/2047			5,298,740
	3,396,000	Series 2014-C21-C		4.82%	#		08/15/2047			3,549,284
	57,924,018	Series 2014-C22-XA		1.11%	# I/O		09/15/2047			3,228,609
	221,594,614	Series 2014-C25-XA		1.15%	# I/O		11/15/2047			12,465,096
	32,031,000	Series 2014-C26-A4		3.49%			01/15/2048			34,531,609
	6,499,000	Series 2014-C26-C		4.57%	#		01/15/2048			6,687,815
	256,491,887	Series 2014-C26-XA		1.32%	# I/O		01/15/2048			15,220,639
	14,055,000	Series 2015-C27-C		4.48%	#		02/15/2048			13,308,951
	10,425,000	Series 2015-C27-D		3.98%	#^		02/15/2048			7,934,800
	58,968,149	Series 2015-C27-XA		1.52%	# I/O		02/15/2048			4,349,337
	44,580,362	Series 2015-C28-XA		1.34%	# I/O		10/15/2048			2,851,235
	64,694,341	Series 2015-C29-XA		1.09%	# I/O		05/15/2048			2,820,570
	6,762,000	Series 2015-C30-B		4.46%	#		07/15/2048			6,829,097
	173,845,993	Series 2015-C30-XA		0.86%	# I/O		07/15/2048			6,657,380
	27,395,000	Series 2015-C32-C		4.82%	#		11/15/2048			26,254,195
	100,648,017	Series 2015-C32-XA		1.66%	# I/O		11/15/2048			7,559,481
	17,630,000	Series 2015-C33-C		4.77%	#		12/15/2048			18,559,806
	32,345,000	Series 2016-C1-C		4.90%	#		03/15/2049			34,423,364
	149,710,250	Series 2016-C2-XA		1.87%	# I/O		06/15/2049			16,234,190
		LB Commercial Mortgage Trust,
	3,688,000	Series 2007-C3-AM		6.11%	#		07/15/2044			3,769,982
	23,169,000	Series 2007-C3-AMB		5.19%			07/15/2044			23,617,554
	7,550,000	Series 2007-C3-AMFL		6.11%	#^		07/15/2044			7,727,005
		LB-UBS Commercial Mortgage Trust,
	86,436	Series 2006-C4-AJ		6.08%	#		06/15/2038			86,637
	33,547,985	Series 2006-C7-XCL		0.90%	#^ I/O		11/15/2038			58,803
	63,149,000	Series 2007-C1-AJ		5.48%			02/15/2040			63,307,125
	38,308,952	Series 2007-C1-AM		5.46%			02/15/2040			38,609,482
	86,373,000	Series 2007-C2-AM		5.49%	#		02/15/2040			87,768,710
	30,621,195	Series 2007-C7-A3		5.87%	#		09/15/2045			31,727,172
	28,975,000	Series 2007-C7-AJ		6.45%	#		09/15/2045			29,178,851

22 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Mortgage Investors Trust,
	109,261,524	Series 1998-C1-IO		0.58%	# I/O		11/15/2026		1,276,481
		Merrill Lynch Mortgage Trust,
	1,940,478	Series 2006-C1-AJ		5.79%	#		05/12/2039		1,939,615
	481,141	Series 2006-C2-AJ		5.80%	#		08/12/2043		480,929
	56,203,000	Series 2007-C1-AM		6.01%	#		06/12/2050		54,408,213
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	2,137,466	Series 2006-4-AM		5.20%			12/12/2049		2,136,429
	42,850,000	Series 2007-5-AM		5.42%			08/12/2048		43,213,334
		ML-CFC Commercial Mortgage Trust,
	24,024,007	Series 2007-9-A4		5.70%			09/12/2049		24,763,427
		Morgan Stanley Bank of America Merrill Lynch Trust,
	210,548,278	Series 2013-C12-XA		1.10%	# I/O		10/15/2046		7,743,271
	41,081,617	Series 2013-C7-XA		1.70%	# I/O		02/15/2046		2,637,300
	11,700,000	Series 2014-C18-C		4.64%	#		10/15/2047		12,325,875
	45,025,000	Series 2014-C19-A4		3.53%			12/15/2047		48,936,637
	37,950,000	Series 2014-C19-C		4.00%			12/15/2047		36,640,888
	56,050,000	Series 2015-C20-A4		3.25%			02/15/2048		59,766,188
	20,087,700	Series 2015-C20-B		4.16%			02/15/2048		21,471,140
	6,457,500	Series 2015-C20-C		4.61%	#		02/15/2048		6,291,951
	248,026,135	Series 2015-C20-XA		1.56%	# I/O		02/15/2048		19,881,353
	10,616,000	Series 2015-C23-C		4.27%	#		07/15/2050		10,654,400
	8,460,000	Series 2015-C25-C		4.68%	#		10/15/2048		8,915,314
	19,422,000	Series 2015-C27-C		4.69%	#		12/15/2047		19,699,185
	1,517,000	Series 2015-C27-D		3.24%	#^		12/15/2047		984,787
	176,288,010	Series 2016-C28-XA		1.45%	# I/O		01/15/2049		15,235,920
		Morgan Stanley Capital, Inc.,
	74,838,064	Series 2006-HQ10-X1		0.70%	#^ I/O		11/12/2041		6,114
	3,717,677	Series 2006-HQ8-AJ		5.59%	#		03/12/2044		3,735,909
	321,572	Series 2006-HQ9-AJ		5.79%	#		07/12/2044		321,382
	45,421,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		44,837,313
	4,372,000	Series 2007-IQ13-AM		5.41%			03/15/2044		4,406,943
	2,575,000	Series 2014-CPT-E		3.56%	#^		07/13/2029		2,604,436
	2,325,000	Series 2014-CPT-F		3.56%	#^		07/13/2029		2,294,969
	12,400,000	Series 2014-MP-D		3.82%	#^		08/11/2029		12,551,858
	11,000,000	Series 2014-MP-E		3.82%	#^		08/11/2029		10,999,194
	28,158,543	Series 2015-UBS8-XA		1.13%	# I/O		12/15/2048		1,881,700
		Morgan Stanley Re-Remic Trust,
	12,529,000	Series 2009-GG10-A4B		5.99%	#^		08/12/2045		12,684,089
	33,028,000	Series 2010-GG10-A4B		5.99%	#^		08/15/2045		33,490,484
	43,607,526	Series 2013-AJ-AJA		0.50%	^		12/17/2049		43,147,816
		TIAA Seasoned Commercial Mortgage Trust,
	3,539,530	Series 2007-C4-AJ		5.48%	#		08/15/2039		3,574,135
		UBS-Barclays Commercial Mortgage Trust,
	102,026,211	Series 2012-C3-XA		2.22%	#^ I/O		08/10/2049		8,394,951
		Velocity Commercial Capital Loan Trust,
	36,329,005	Series 2016-1-AFX		3.53%	#^		04/25/2046		36,088,189
		Wachovia Bank Commercial Mortgage Trust,
	8,792,875	Series 2006-C27-AJ		5.83%	#		07/15/2045		8,825,617
	81,526,401	Series 2006-C28-AJ		5.63%	#		10/15/2048		81,291,532
	19,500,000	Series 2006-C28-AM		5.60%	#		10/15/2048		19,480,213
	10,000,000	Series 2007-30-AMFL		0.73%	#^		12/15/2043		9,777,302
	75,061,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		75,213,944
	19,285,000	Series 2007-C30-AM		5.38%			12/15/2043		19,459,444
	5,000,000	Series 2007-C31-AM		5.59%	#		04/15/2047		5,067,742
	21,375,000	Series 2007-C32-A3		5.89%	#		06/15/2049		21,729,996
	8,565,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		8,707,062
	50,726,700	Series 2007-C33-AJ		6.16%	#		02/15/2051		50,856,915
	12,989,316	Series 2007-C33-AM		6.16%	#		02/15/2051		13,260,517
		Waterfall Commercial Mortgage Trust,
	154,917,443	Series 2015-SBC5-A		4.10%	#^		09/14/2022		153,601,403
		Wells Fargo Commercial Mortgage Trust,
	38,265,000	Series 2014-LC18-A5		3.41%			12/15/2047		40,867,326
	4,346,710	Series 2014-LC18-B		3.96%			12/15/2047		4,673,907
	30,000,000	Series 2015-C26-A4		3.17%			02/15/2048		31,447,617
	11,460,000	Series 2015-C26-C		4.07%	#		02/15/2048		11,370,950
	446,697,057	Series 2015-C26-XA		1.45%	# I/O		02/15/2048		36,114,474
	28,000,000	Series 2015-C27-A5		3.45%			02/15/2048		30,039,610
	265,793,818	Series 2015-C27-XA		1.14%	# I/O		02/15/2048		16,332,791

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Commercial Mortgage Trust, (Cont.)
	9,701,000	Series 2015-C31-C		4.77%	#		11/15/2048		10,164,116
	144,657,803	Series 2015-C31-XA		1.27%	# I/O		11/15/2048		10,781,346
	278,614,628	Series 2015-LC20-XA		1.54%	# I/O		04/15/2050		22,353,363
	12,000,000	Series 2015-LC22-C		4.69%	#		09/15/2058		12,511,966
	1,794,000	Series 2015-NXS4-C		4.76%	#		12/15/2048		1,880,657
	5,405,000	Series 2015-P2-A4		3.81%			12/15/2048		5,985,317
	131,138,674	Series 2015-P2-XA		1.17%	# I/O		12/15/2048		8,835,403
	11,469,000	Series 2016-C32-C		4.88%	#		01/15/2059		11,273,629
	8,676,000	Series 2016-C-C34		5.20%	#		06/15/2049		9,189,815
		WF-RBS Commercial Mortgage Trust,
	66,577,253	Series 2011-C4-XA		0.60%	#^ I/O		06/15/2044		1,091,228
	97,189,435	Series 2012-C6-XA		2.41%	#^ I/O		04/15/2045		8,117,213
	113,879,916	Series 2012-C8-XA		2.26%	#^ I/O		08/15/2045		8,825,933
	50,795,076	Series 2012-C9-XA		2.28%	#^ I/O		11/15/2045		4,226,105
	164,859,384	Series 2013-C18-XA		1.08%	# I/O		12/15/2046		6,880,588
	184,237,264	Series 2014-C19-XA		1.41%	# I/O		03/15/2047		11,287,407
	65,212,690	Series 2014-C24-XA		1.12%	# I/O		11/15/2047		3,634,179
	55,000,000	Series 2014-C25-A5		3.63%			11/15/2047		59,631,462
	8,000,000	Series 2014-C25-C		4.47%	#		11/15/2047		8,454,050
	203,524,050	Series 2014-C25-XA		1.09%	# I/O		11/15/2047		11,179,617
	140,725,193	Series 2016-NXS6-XA		1.81%	# I/O		11/15/2049		15,632,036
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $4,733,741,727)							4,622,376,256
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 20.5%
		Acacia Ltd.,
	27,955,947	Series 2004-5A-A		1.17%	#^		11/08/2039		25,663,560
		Accredited Mortgage Loan Trust,
	10,000,000	Series 2005-4-MI		0.93%	#		12/25/2035		8,678,747
	103,157,000	Series 2006-2-A4		0.79%	#		09/25/2036		91,251,310
		Adjustable Rate Mortgage Trust,
	6,787,226	Series 2005-10-3A31		2.91%	#		01/25/2036		5,997,759
	51,792,376	Series 2005-11-4A1		2.95%	#		02/25/2036		36,843,548
	6,200,000	Series 2005-2-6M2		1.51%	#		06/25/2035		5,705,507
	3,952,928	Series 2005-7-3A1		3.54%	#		10/25/2035		3,480,685
	27,607,071	Series 2006-1-2A1		3.38%	#		03/25/2036		20,306,848
	23,925,594	Series 2006-2-3A1		3.24%	#		05/25/2036		21,375,607
	20,017,174	Series 2006-2-5A1		4.07%	#		05/25/2036		13,691,375
	23,750,272	Series 2007-1-3A1		3.45%	#		03/25/2037		19,991,682
	3,805,436	Series 2007-3-1A1		3.97%	#^		11/25/2037		3,212,605
		Aegis Asset Backed Securities Trust,
	389,798	Series 2003-2-M2		3.08%	#		11/25/2033		368,611
	1,897,033	Series 2004-1-M2		2.56%	#		04/25/2034		1,723,214
	617,792	Series 2004-2-M2		2.48%	#		06/25/2034		482,439
	17,641,673	Series 2004-6-M2		1.53%	#		03/25/2035		16,466,231
		Agate Bay Mortgage Trust,
	62,541,101	Series 2015-6-A3		3.50%	#^		09/25/2045		64,263,071
		Ajax Master Trust,
	94,409,739	Series 2016-1-PC		3.35%	#^¥		01/01/2057		83,673,860
	95,235,039	Series 2016-2-PC		3.10%	#^¥		10/25/2056		74,654,747
		Ajax Mortgage Loan Trust,
	31,414,863	Series 2015-C-A		3.88%	#^		03/25/2057		30,949,462
	58,977,002	Series 2016-A-A		4.25%	#^		08/25/2064		58,928,800
		American General Mortgage Loan Trust,
	5,588,491	Series 2010-1-A4		5.65%	#^		03/25/2058		5,627,387
		American Home Mortgage Investment Trust,
	2,547,315	Series 2005-1-7A2		3.23%	#		06/25/2045		2,546,921
	9,852,342	Series 2005-4-3A1		0.83%	#		11/25/2045		7,776,700
	34,453,006	Series 2005-4-5A		2.99%	#		11/25/2045		26,283,196
	2,404,922	Series 2006-2-3A4		6.60%	#		06/25/2036		1,118,275
	8,669,579	Series 2007-A-13A1		6.60%	#^		01/25/2037		4,950,276
		Ameriquest Mortgage Securities, Inc.,
	16,500,000	Series 2004-R8-M2		1.55%	#		09/25/2034		15,376,007
		Amortizing Residential Collateral Trust,
	12,421,896	Series 2002-BC7-M1		1.73%	#		10/25/2032		9,334,720

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 23

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Argent Securities, Inc.,
	193,946	Series 2004-W6-M1		1.35%	#		05/25/2034		186,936
		Asset Backed Securities Corporation Home Equity Loan Trust,
	3,961,161	Series 2003-HE6-M1		1.50%	#		11/25/2033		3,819,095
	811,017	Series 2004-HE3-M2		2.21%	#		06/25/2034		740,368
		Banc of America Alternative Loan Trust,
	8,871,024	Series 2004-8-1CB1		6.00%			09/25/2034		8,476,897
	20,755,941	Series 2005-10-2CB1		6.00%			11/25/2035		19,803,885
	3,613,855	Series 2005-10-4A1		5.75%			11/25/2035		3,381,938
	10,997,605	Series 2005-11-2CB1		6.00%			12/25/2035		10,536,750
	3,849,317	Series 2005-5-2CB1		6.00%			06/25/2035		3,795,183
	5,898,482	Series 2005-6-2CB2		6.00%			07/25/2035		5,628,987
	3,498,777	Series 2005-6-4CB1		6.50%			07/25/2035		3,340,749
	2,288,998	Series 2005-8-2CB1		6.00%			09/25/2035		2,261,967
	10,474,968	Series 2006-1-3CB1		6.50%			02/25/2036		9,983,173
	6,122,023	Series 2006-2-1CB1		6.00%			03/25/2036		5,992,983
	8,507,721	Series 2006-2-3CB1		6.50%			03/25/2036		7,478,628
	6,285,692	Series 2006-3-4CB1		6.50%			04/25/2036		5,638,749
	1,840,265	Series 2006-5-CB14		6.00%	#		06/25/2046		1,642,466
	3,775,530	Series 2006-6-CB3		6.00%			07/25/2046		3,332,886
	14,952,592	Series 2006-7-A4		6.00%	#		10/25/2036		9,452,792
	5,514,857	Series 2006-8-1A1		5.97%	# I/F I/O		11/25/2036		985,552
	1,965,463	Series 2006-8-1A2		0.98%	#		11/25/2036		1,196,263
	9,397,034	Series 2006-9-1CB1		6.00%			01/25/2037		7,974,822
	1,463,377	Series 2007-2-2A1		6.00%			06/25/2037		1,246,673
		Banc of America Funding Corporation,
	9,479,739	Series 2006-2-3A1		6.00%			03/25/2036		9,808,306
	286,197	Series 2006-2-4A1		21.22%	# I/F		03/25/2036		407,488
	1,237,990	Series 2006-2-6A2		5.50%			03/25/2036		1,229,230
	7,039,895	Series 2006-3-1A1		6.00%			03/25/2036		6,644,876
	1,195,262	Series 2006-3-6A1		6.22%	#		03/25/2036		1,207,041
	8,477,795	Series 2006-6-1A7		6.25%			08/25/2036		8,333,862
	2,387,113	Series 2006-7-T2A5		6.04%	#		10/25/2036		2,016,175
	11,251,184	Series 2006-7-T2A8		5.91%	#		10/25/2036		9,460,375
	2,232,560	Series 2006-8T2-A8		6.10%	#		10/25/2036		1,966,247
	1,033,789	Series 2006-B-7A1		3.82%	#		03/20/2036		928,655
	13,200,314	Series 2006-D-6A1		3.13%	#		05/20/2036		11,598,930
	977,756	Series 2006-G-2A1		0.75%	#		07/20/2036		925,290
	512,326	Series 2006-H-3A1		3.16%	#		09/20/2046		412,257
	1,551,500	Series 2007-1-TA10		5.84%	#		01/25/2037		1,335,871
	2,148,338	Series 2007-3-TA1B		5.83%	#		04/25/2037		1,897,662
	3,431,130	Series 2007-5-1A1		5.50%			07/25/2037		2,856,860
	3,808,627	Series 2009-R14-3A		14.91%	#^ I/F		06/26/2035		4,505,238
	5,618,275	Series 2009-R15A-4A2		5.75%	^		12/26/2036		5,366,806
	2,047,400	Series 2010-R1-3A		13.47%	#^ I/F		07/26/2036		2,170,128
	126,621	Series 2012-R5-A		0.78%	#^		10/03/2039		126,626
		Banc of America Mortgage Securities, Inc.,
	1,193,785	Series 2004-K-4A1		2.76%	#		12/25/2034		1,164,830
	4,995,947	Series 2006-1-A9		6.00%			05/25/2036		4,467,552
	578,438	Series 2007-1-2A5		5.75%			01/25/2037		506,618
		Bayview Opportunity Master Fund Trust,
	3,288,914	Series 2014-15RP-A		3.72%	#^		10/28/2019		3,290,471
	35,560,294	Series 2016-1-A1		4.35%	#^		01/28/2031		35,567,313
	36,662,325	Series 2016-A-A		4.46%	#^		01/28/2036		36,691,325
	69,580,879	Series 2016-B-A		4.25%	#^		03/28/2036		70,153,467
	46,000,000	Series 2016-RN3-A1		3.60%	#^		09/28/2031		46,000,000
	24,809,103	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		24,876,427
		BCAP LLC Trust,
	4,169,529	Series 2007-AA2-2A7		6.00%			04/25/2037		3,683,317
	4,514,078	Series 2007-AA2-2A8		5.75%			04/25/2037		3,936,555
	13,765,618	Series 2008-RR3-A1B		6.66%	#^		10/25/2036		10,080,423
	4,980,262	Series 2009-RR13-18A2		5.75%	#^		07/26/2037		4,367,594
	15,838,747	Series 2009-RR1-3A3		6.00%	#^		08/26/2037		15,520,878
	6,919,678	Series 2009-RR4-4A2		5.75%	^		02/26/2036		5,518,796
	5,694,597	Series 2010-RR10-5A1		7.00%	#^		04/27/2037		6,109,982
	9,959,966	Series 2010-RR12-3A15		6.16%	#^		08/26/2037		10,185,212
	3,350,000	Series 2010-RR5-2A3		6.10%	#^		04/26/2037		3,397,669
	1,840,826	Series 2011-RR12-2A5		2.60%	#^		12/26/2036		1,828,116
	1,544,805	Series 2012-RR1-3A3		3.50%	#^		10/26/2035		1,543,337
		Bear Stearns Adjustable Rate Mortgage Trust,
	8,810,816	Series 2005-12-13A1		3.32%	#		02/25/2036		8,423,710

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Adjustable Rate Mortgage Trust, (Cont.)
	9,513,606	Series 2006-4-4A1		3.93%	#		10/25/2046		8,433,062
	11,502,609	Series 2007-1-2A1		2.94%	#		02/25/2047		9,608,576
	6,583,914	Series 2007-1-3A1		2.97%	#		02/25/2047		5,485,431
		Bear Stearns Alt-A Trust,
	4,073,571	Series 2004-11-2A3		2.96%	#		11/25/2034		4,011,602
	30,014,571	Series 2006-3-21A1		2.85%	#		05/25/2036		22,811,554
	15,286,612	Series 2006-6-2A1		3.47%	#		11/25/2036		12,788,324
		Bear Stearns Asset Backed Securities Trust,
	8,904,140	Series 2004-AC4-A2		6.00%	#		08/25/2034		8,997,869
	24,367,274	Series 2005-AC2-1A		5.75%	#		04/25/2035		24,400,492
	7,973,927	Series 2005-AC2-2A1		5.75%	#		04/25/2035		8,144,004
	12,446,487	Series 2005-AC7-A4		6.00%	#		10/25/2035		12,057,284
	16,051,478	Series 2006-AC1-1A1		6.25%	#		02/25/2036		12,297,545
	9,496,412	Series 2006-AC5-A1		6.25%	#		12/25/2036		9,134,920
	1,995,824	Series 2007-SD1-1A2A		6.00%			10/25/2036		1,516,834
	1,482,943	Series 2007-SD1-1A3A		6.50%			10/25/2036		1,150,289
	4,877,290	Series 2007-SD1-23A1		2.74%	#		10/25/2036		3,969,712
		Bear Stearns Mortgage Funding Trust,
	22,649,911	Series 2006-AR3-2A1		0.73%	#		11/25/2036		19,335,937
		Belle Haven Ltd.,
	1,093,926,409	Series 2006-1A-A1		0.91%	#^		07/05/2046		36,099,571
		CAM Mortgage Trust,
	28,500,000	Series 2016-2-A1		3.25%	#^		06/15/2057		28,522,800
		Centex Home Equity,
	2,750,000	Series 2004-A-AF5		5.43%	#		01/25/2034		2,766,670
		Chase Funding Mortgage Loan Asset-Backed Certificates,
	1,807,960	Series 2003-4-2M1		1.43%	#		03/25/2033		1,747,809
		Chase Mortgage Finance Trust,
	11,307,051	Series 2005-A1-2A4		2.72%	#		12/25/2035		10,417,583
	15,708,327	Series 2006-S2-1A9		6.25%			10/25/2036		13,237,781
	8,666,923	Series 2006-S3-1A2		6.00%			11/25/2036		7,158,954
	23,429,006	Series 2006-S4-A8		6.00%			12/25/2036		18,710,203
	10,002,795	Series 2007-A2-6A4		3.00%	#		07/25/2037		8,891,130
	4,486,003	Series 2007-S3-1A5		6.00%			05/25/2037		3,616,698
	2,239,273	Series 2007-S3-2A1		5.50%			05/25/2037		1,773,443
	4,424,204	Series 2007-S5-1A18		6.00%			07/25/2037		3,714,182
		ChaseFlex Trust,
	7,938,281	Series 2005-1-3A1		6.00%			02/25/2035		7,952,157
	2,309,351	Series 2006-1-A5		4.69%	#		06/25/2036		2,236,567
	6,792,199	Series 2006-2-A2B		0.72%	#		09/25/2036		5,358,175
	5,978,025	Series 2007-1-1A1		6.50%			02/25/2037		4,214,970
	13,939,944	Series 2007-M1-2F4		4.35%	#		08/25/2037		11,628,103
	14,498,780	Series 2007-M1-2F5		4.35%	#		08/25/2037		12,093,092
		CHL Mortgage Pass-Through Trust,
	24,429,079	Series 2007-HYB1-2A1		2.81%	#		03/25/2037		20,989,814
		CIM Trust,
	65,959,595	Series 2016-1RR-B2		12.32%	#^		07/26/2055		58,451,546
	75,440,246	Series 2016-2RR-B2		13.12%	#^		02/27/2056		67,608,236
	73,074,681	Series 2016-3RR-B2		13.56%	#^		02/27/2056		65,670,162
		Citicorp Mortgage Securities, Inc.,
	10,356,487	Series 2005-1-1A4		5.50%			02/25/2035		10,569,039
	2,125,759	Series 2006-7-1A1		6.00%			12/25/2036		1,946,587
		Citicorp Residential Mortgage Securities, Inc.,
	6,594,000	Series 2006-2-A5		5.79%	#		09/25/2036		6,833,011
	40,245,515	Series 2007-1-A4		5.75%	#		03/25/2037		42,138,825
		Citigroup Mortgage Loan Trust, Inc.,
	3,153,756	Series 2005-5-2A2		5.75%			08/25/2035		2,495,933
	1,633,501	Series 2005-9-21A1		5.50%			11/25/2035		1,462,534
	4,986,691	Series 2006-4-2A1A		6.00%			12/25/2035		4,667,965
	67,410,263	Series 2006-AMC1-A1		0.67%	#^		09/25/2036		59,853,930
	4,899,040	Series 2006-FX1-A6		5.85%	#		10/25/2036		4,048,447
	2,585,509	Series 2006-WF1-A2D		5.21%	#		03/25/2036		1,892,812
	15,703,929	Series 2006-WF2-A2D		6.16%	#		05/25/2036		9,944,078
	7,580,000	Series 2006-WFH3-M1		0.82%	#		10/25/2036		6,929,326
	7,300,333	Series 2007-10-1A1A		5.61%	#		04/25/2037		7,467,702
	1,099,866	Series 2007-12-2A1		6.50%	^		10/25/2036		821,423
	329,168	Series 2007-2-2A		6.00%			11/25/2036		357,021

24 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Mortgage Loan Trust, Inc., (Cont.)
	32,219,936	Series 2007-9-1A1		5.75%	^		04/25/2047		25,611,285
	1,701,038	Series 2007-9-2A2		6.50%	^		05/25/2037		1,637,590
	104,867,401	Series 2007-AMC2-A1		0.67%	#^		01/25/2037		84,040,536
	6,529,311	Series 2007- OPX1-A3A		5.97%	#		01/25/2037		4,770,881
	14,392,951	Series 2007- OXP1-A5A		5.76%	#		01/25/2037		10,517,953
	37,281,868	Series 2007-WFH3-A2		0.69%	#		06/25/2037		36,000,189
	20,000,000	Series 2008-AR4-1A1B		2.99%	#^		11/25/2038		19,397,604
	242,211	Series 2010-12-3A1		4.00%	^		04/25/2037		242,390
	63,810	Series 2010-2-5A1		5.50%	#^		12/25/2035		63,818
	11,500,894	Series 2010-7-9A4		6.00%	#^		10/25/2037		10,499,416
	175,924,385	Series 2010-8-5A4		6.29%	#^		11/25/2036		164,940,053
	1,439,658	Series 2010-8-5A6		4.00%	^		11/25/2036		1,439,717
	139,631,033	Series 2010-8-6A4		6.30%	#^		12/25/2036		130,207,446
	930,730	Series 2010-8-76I2		1.00%	^ I/O		06/25/2037		168
	126,822,333	Series 2010-8-7A4		6.06%	#^		06/25/2037		119,687,347
	772,153	Series 2011-12-3A1		3.03%	#^		09/25/2047		770,487
	44,502,024	Series 2014-J2-A1		3.50%	#^		11/25/2044		45,681,007
		CitiMortgage Alternative Loan Trust,
	6,071,984	Series 2006-A2-A2		6.00%			05/25/2036		5,304,352
	5,710,881	Series 2006-A3-1A13		6.00%			07/25/2036		5,143,315
	4,147,954	Series 2006-A4-1A8		6.00%			09/25/2036		3,700,328
	1,453,478	Series 2006-A5-2A1		5.50%			10/25/2021		1,461,669
	4,283,804	Series 2006-A5-3A3		6.00%			10/25/2036		3,545,176
	7,103,477	Series 2007-A1-1A5		6.00%			01/25/2037		6,156,151
	3,463,415	Series 2007-A1-1A7		6.00%			01/25/2037		3,001,531
	8,861,592	Series 2007-A1-1A9		4.87%	# I/F I/O		01/25/2037		1,547,020
	7,481,248	Series 2007-A3-1A1		6.00%	#		03/25/2037		6,608,015
	17,216,748	Series 2007-A3-1A3		4.87%	# I/F I/O		03/25/2037		3,006,855
	6,746,874	Series 2007-A3-1A4		5.75%			03/25/2037		5,869,507
	12,114,712	Series 2007-A4-1A3		0.86%	#		04/25/2037		8,622,315
	12,114,712	Series 2007-A4-1A4		6.14%	# I/F I/O		04/25/2037		2,814,377
	1,747,216	Series 2007-A5-1A11		6.00%			05/25/2037		1,636,835
	23,035,773	Series 2007-A5-1A8		6.00%			05/25/2037		21,580,472
	811,714	Series 2007-A8-A1		6.00%			10/25/2037		737,458
		COLT Funding LLC,
	19,431,012	Series 2015-1-A1F		4.00%	#^		12/26/2045		19,403,880
		Countrywide Alternative Loan Trust,
	35,485,265	Series 2004-36CB-1A1		6.00%			02/25/2035		33,146,290
	8,643,119	Series 2005-13CB-A3		5.50%			05/25/2035		8,274,561
	6,616,736	Series 2005-20CB-2A1		1.03%	#		07/25/2035		5,141,237
	13,509,168	Series 2005-20CB-2A2		4.47%	# I/F I/O		07/25/2035		2,074,345
	1,128,817	Series 2005-20CB-4A1		5.25%			07/25/2020		1,106,207
	4,920,538	Series 2005-26CB-A11		12.10%	# I/F		07/25/2035		5,518,266
	6,762,354	Series 2005-28CB-1A2		1.28%	#		08/25/2035		5,499,812
	2,320,466	Series 2005-28CB-3A6		6.00%			08/25/2035		1,758,108
	3,413,362	Series 2005-46CB-A20		5.50%			10/25/2035		3,208,473
	10,377,862	Series 2005-48T1-A2		5.50%			11/25/2035		9,147,050
	4,310,997	Series 2005-54CB-3A4		5.50%			11/25/2035		3,810,799
	40,276,829	Series 2005-57CB-1A1		5.50%			12/25/2035		36,750,822
	837,395	Series 2005-60T1-A7		32.08%	# I/F		12/25/2035		1,358,621
	1,272,639	Series 2005- 64CB-1A14		5.50%			12/25/2035		1,193,931
	18,470,768	Series 2005-64CB-1A4		5.50%			12/25/2035		17,328,416
	3,057,500	Series 2005-73CB-1A5		1.33%	#		01/25/2036		2,510,600
	7,692,037	Series 2005-73CB-1A6		4.17%	# I/F I/O		01/25/2036		1,017,208
	68,538,327	Series 2005-77T1-1A1		6.00%			02/25/2036		55,287,298
	1,695,304	Series 2005-79CB-A5		5.50%			01/25/2036		1,460,229
	42,782,269	Series 2005-85CB-1A1		6.00%			02/25/2036		34,170,947
	3,871,841	Series 2005-85CB-2A6		19.71%	# I/F		02/25/2036		5,561,823
	2,262,511	Series 2005-86CB-A5		5.50%			02/25/2036		1,975,969
	4,373,520	Series 2005-J10-1A11		5.50%			10/25/2035		3,937,903
	995,311	Series 2005-J10-1A13		1.23%	#		10/25/2035		754,337
	466,247	Series 2005-J10-1A15		5.50%			10/25/2035		419,808
	1,116,226	Series 2005-J11-1A3		5.50%			11/25/2035		952,062
	1,360,732	Series 2005-J11-6A1		6.50%			09/25/2032		1,317,313
	1,764,532	Series 2005-J13-2A5		1.01%	#		11/25/2035		1,286,704
	3,529,064	Series 2005-J13-2A6		4.49%	# I/F I/O		11/25/2035		550,166
	3,891,000	Series 2005-J1-5A3		5.50%			02/25/2035		3,721,512
	2,120,695	Series 2005-J1-7A1		5.50%			01/25/2020		2,142,726
	1,357,838	Series 2005-J2-1A5		1.03%	#		04/25/2035		1,121,858
	4,177,963	Series 2005-J2-1A6		4.47%	# I/F I/O		04/25/2035		586,556
	11,509,540	Series 2005-J3-2A8		0.83%	#		05/25/2035		9,158,692
	11,509,540	Series 2005-J3-2A9		4.67%	# I/F I/O		05/25/2035		2,009,080
	5,455,318	Series 2006-12CB-A3		5.75%	#		05/25/2036		4,091,396

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
	2,668,888	Series 2006-15CB-A1		6.50%			06/25/2036		1,956,797
	1,818,768	Series 2006-18CB-A12		1.13%	#		07/25/2036		1,120,477
	1,818,768	Series 2006-18CB-A13		4.97%	# I/F I/O		07/25/2036		364,428
	9,050,093	Series 2006-19CB-A12		0.93%	#		08/25/2036		5,639,149
	12,272,469	Series 2006-19CB-A13		5.07%	# I/F I/O		08/25/2036		2,889,622
	1,889,291	Series 2006-19CB-A15		6.00%			08/25/2036		1,670,589
	3,002,871	Series 2006-24CB-A11		5.75%			06/25/2036		2,561,132
	8,789,034	Series 2006-24CB-A14		6.62%	# I/F I/O		06/25/2036		2,754,041
	7,047,660	Series 2006-24CB-A22		6.00%			06/25/2036		6,110,770
	7,564,257	Series 2006-24CB-A5		1.13%	#		06/25/2036		4,713,908
	2,864,845	Series 2006-26CB-A17		6.25%			09/25/2036		2,241,708
	3,677,273	Series 2006-26CB-A9		6.50%			09/25/2036		2,933,715
	6,021,887	Series 2006-29T1-1A2		6.25%			10/25/2036		5,081,413
	944,028	Series 2006-29T1-2A12		42.74%	# I/F		10/25/2036		1,946,546
	578,237	Series 2006-29T1-2A23		31.09%	# I/F		10/25/2036		957,830
	6,545,821	Series 2006-30T1-1A2		6.25%			11/25/2036		5,809,299
	4,537,969	Series 2006-32CB-A1		1.20%	#		11/25/2036		2,926,115
	7,569,332	Series 2006-32CB-A2		4.80%	# I/F I/O		11/25/2036		1,768,176
	7,413,019	Series 2006-36T2-2A1		6.25%			12/25/2036		4,866,281
	2,534,280	Series 2006-39CB-1A10		6.00%			01/25/2037		2,442,398
	18,223,460	Series 2006-39CB-2A2		6.02%	# I/F I/O		01/25/2037		6,546,503
	6,205,948	Series 2006-39CB-2A4		0.98%	#		01/25/2037		1,232,713
	3,710,258	Series 2006-40T1-1A11		6.00%			01/25/2037		3,254,095
	6,314,727	Series 2006-40T1-1A4		4.92%	# I/F I/O		01/25/2037		1,197,742
	6,595,620	Series 2006-41CB-1A10		6.00%			01/25/2037		5,562,969
	6,945,330	Series 2006-41CB-1A9		6.00%			01/25/2037		5,857,926
	5,728,645	Series 2006-45T1-1A4		1.13%	#		02/25/2037		2,293,563
	5,728,645	Series 2006-45T1-1A5		4.87%	# I/F I/O		02/25/2037		1,050,198
	2,043,948	Series 2006-6CB-1A4		5.50%			05/25/2036		1,919,361
	12,273,359	Series 2006-J1-1A3		5.50%			02/25/2036		10,531,210
	6,049,084	Series 2006-J1-A10		5.50%			02/25/2036		5,190,443
	2,221,126	Series 2006-J4-2A2		6.00%			07/25/2036		1,814,458
	1,360,193	Series 2007-11T1-A24		36.75%	# I/F		05/25/2037		2,663,894
	21,310,491	Series 2007-15CB-A1		6.00%			07/25/2037		19,562,314
	14,543,209	Series 2007-16CB-2A1		0.98%	#		08/25/2037		7,976,946
	4,211,350	Series 2007-16CB-2A2		50.21%	# I/F		08/25/2037		10,541,370
	8,497,471	Series 2007-16CB-4A7		6.00%			08/25/2037		7,998,508
	12,776,718	Series 2007-17CB-1A10		27.48%	# I/F		08/25/2037		21,451,879
	2,043,380	Series 2007-18CB-2A25		6.00%			08/25/2037		1,859,156
	1,208,867	Series 2007-19-1A10		35.85%	# I/F		08/25/2037		2,724,170
	17,767,750	Series 2007-19-1A4		6.00%			08/25/2037		14,205,017
	40,717,569	Series 2007-19-2A1		6.50%			08/25/2037		26,974,779
	6,246,814	Series 2007-21CB-2A2		26.30%	# I/F		09/25/2037		9,859,617
	28,495,643	Series 2007-22-2A16		6.50%			09/25/2037		20,876,717
	15,624,156	Series 2007-23CB-A3		1.03%	#		09/25/2037		8,394,779
	22,173,917	Series 2007-23CB-A4		5.97%	# I/F I/O		09/25/2037		6,490,405
	17,106,779	Series 2007-4CB-2A1		7.00%			03/25/2037		5,293,941
	8,210,737	Series 2007-5CB-1A18		5.12%	# I/F I/O		04/25/2037		1,789,652
	8,210,737	Series 2007-5CB-1A23		1.08%	#		04/25/2037		4,874,364
	6,736,089	Series 2007-6-A4		5.75%			04/25/2047		5,641,009
	571,650	Series 2007-8CB-A12		37.05%	# I/F		05/25/2037		1,140,848
	610,228	Series 2007-8CB-A8		36.93%	# I/F		05/25/2037		1,213,725
	850,103	Series 2007-9T1-1A4		1.03%	#		05/25/2037		422,960
	850,103	Series 2007-9T1-1A5		4.97%	# I/F I/O		05/25/2037		205,151
	23,285,475	Series 2007-9T1-1A6		6.00%			05/25/2037		17,151,001
	2,490,824	Series 2007-9T1-2A1		6.00%			05/25/2037		1,854,403
	711,018	Series 2007-9T1-3A1		5.50%			05/25/2022		514,406
	72,864,635	Series 2007-HY2-1A		2.80%	#		03/25/2047		63,486,002
	7,198,017	Series 2007-HY5R-2A1B		2.88%	#		03/25/2047		6,780,293
		Countrywide Asset-Backed Certificates,
	3,994,855	Series 2003-BC6-M1		1.35%	#		11/25/2033		3,835,756
	1,784,572	Series 2005-13-AF3		4.81%	#		04/25/2036		1,591,015
	23,200,000	Series 2005-4-AF5B		4.89%	#		10/25/2035		23,063,890
		Countrywide Home Loans,
	708,633	Series 2002-32-2A6		5.00%			01/25/2018		712,557
	3,670,514	Series 2003-60-4A1		2.77%	#		02/25/2034		3,650,202
	3,877,729	Series 2004-R2-1AF1		0.95%	#^		11/25/2034		3,298,087
	3,773,022	Series 2004-R2-1AS		5.75%	#^ I/O		11/25/2034		405,263
	8,260,088	Series 2005-20-A5		5.50%			10/25/2035		8,044,779
	5,969,592	Series 2005-20-A8		5.25%			10/25/2035		5,888,029
	16,195,876	Series 2005-23-A1		5.50%			11/25/2035		14,784,767
	4,828,344	Series 2005-24-A8		5.50%			11/25/2035		4,343,499
	1,457,359	Series 2005-27-2A1		5.50%			12/25/2035		1,284,468

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 25

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Home Loans, (Cont.)
	2,530,283	Series 2005-28-A7		5.25%			01/25/2019		2,301,540
	29,078,313	Series 2005-HYB1-4A1		2.77%	#		03/25/2035		27,075,852
	3,563,499	Series 2005-HYB8-1A1		2.96%	#		12/20/2035		2,791,583
	4,933,393	Series 2005-J3-2A4		4.50%			09/25/2035		4,665,806
	4,278,932	Series 2005-J4-A5		5.50%			11/25/2035		4,197,071
	1,179,414	Series 2005-R1-1AF1		0.89%	#^		03/25/2035		1,052,182
	1,157,866	Series 2005-R1-1AS		5.65%	#^ I/O		03/25/2035		166,158
	8,258,344	Series 2006-16-2A1		6.50%			11/25/2036		6,988,724
	9,444,740	Series 2006-1-A2		6.00%			03/25/2036		8,149,910
	3,765,703	Series 2006-20-1A21		6.00%			02/25/2037		3,379,652
	2,447,148	Series 2006-J3-A4		5.50%			05/25/2036		2,460,781
	9,811,396	Series 2007-10-A7		6.00%			07/25/2037		8,291,227
	32,204,166	Series 2007-11-A1		6.00%			08/25/2037		27,473,963
	19,562,321	Series 2007-12-A9		5.75%			08/25/2037		17,387,343
	8,782,739	Series 2007-13-A1		6.00%			08/25/2037		7,893,436
	10,287,330	Series 2007-13-A110		6.00%			08/25/2037		9,245,678
	10,187,838	Series 2007-15-1A1		6.25%			09/25/2037		9,491,303
	1,123,428	Series 2007-15-1A16		6.25%			09/25/2037		1,046,620
	4,980,899	Series 2007-15-1A29		6.25%			09/25/2037		4,651,076
	10,494,323	Series 2007-17-1A2		6.00%			10/25/2037		10,129,533
	1,309,934	Series 2007-18-1A1		6.00%			11/25/2037		1,186,119
	10,570,051	Series 2007-3-A1		6.00%			04/25/2037		9,202,755
	4,070,900	Series 2007-3-A12		6.00%			04/25/2037		3,544,306
	7,461,855	Series 2007-4-1A39		6.00%			05/25/2037		6,358,895
	3,796,109	Series 2007-5-A2		5.75%			05/25/2037		3,469,653
	13,820,912	Series 2007-7-A1		6.00%			06/25/2037		12,732,043
	4,143,037	Series 2007-7-A2		5.75%			06/25/2037		3,772,609
	10,684,854	Series 2007-8-1A4		6.00%			01/25/2038		9,088,515
	5,607,372	Series 2007-8-1A5		5.44%			01/25/2038		4,577,336
	13,019,138	Series 2007-8-1A9		6.00%	#		01/25/2038		11,044,618
	2,311,609	Series 2007-9-A11		5.75%			07/25/2037		2,148,705
	16,545,905	Series 2007-HY1-1A1		3.03%	#		04/25/2037		15,087,019
	30,578,046	Series 2007-J1-2A1		6.00%			02/25/2037		21,764,499
	874,605	Series 2007-J3-A1		1.03%	#		07/25/2037		554,654
	4,373,024	Series 2007-J3-A2		4.97%	# I/F I/O		07/25/2037		771,714
		Credit Suisse First Boston Mortgage Backed Trust,
	5,429,279	Series 2006-3-A4B		6.11%	#		11/25/2036		2,349,805
	3,556,561	Series 2006-4-A6A		5.68%	#		12/25/2036		1,779,457
	11,873,820	Series 2007-1-1A1A		5.90%	#		05/25/2037		5,756,893
		Credit Suisse First Boston Mortgage Securities Corporation,
	144,749	Series 2004-AR8-2A1		2.98%	#		09/25/2034		142,924
	3,370,196	Series 2005-10-5A4		5.50%			11/25/2035		3,138,233
	1,000,348	Series 2005-10-5A5		5.50%			11/25/2035		931,497
	17,978,057	Series 2005-12-5A1		5.25%			01/25/2036		17,125,458
	11,106,423	Series 2005-12-7A1		7.00%			01/25/2036		4,552,196
	7,618,253	Series 2005-8-3A10		5.50%			09/25/2035		7,317,915
	5,673,498	Series 2005-8-7A1		7.00%			09/25/2035		4,174,431
		Credit Suisse Mortgage Capital Certificates,
	3,063,843	Series 2005-1R-2A5		5.75%	^		12/26/2035		2,789,032
	22,335,825	Series 2006-1-2A1		6.00%			02/25/2036		16,360,498
	3,331,010	Series 2006-2-3A1		6.50%			03/25/2036		2,059,303
	3,944,381	Series 2006-2-5A1		1.23%	#		03/25/2036		2,092,497
	22,047,274	Series 2006-2-5A2		4.77%	# I/F I/O		03/25/2036		5,061,225
	4,592,416	Series 2006-2-5A3		6.25%			03/25/2036		3,566,480
	12,428,916	Series 2006-2-5A4		6.00%			03/25/2036		9,447,731
	6,729,579	Series 2006-3-4A3		5.50%			04/25/2036		6,255,319
	4,068,203	Series 2006-3-4A4		5.50%			04/25/2036		3,791,585
	4,905,124	Series 2006-4-1A8		6.00%	#		05/25/2036		4,236,661
	22,883,989	Series 2006-4-4A1		7.00%			05/25/2036		9,143,671
	16,296,943	Series 2006-4-6A1		6.00%			05/25/2036		13,025,087
	14,193,163	Series 2006-6-1A4		6.00%			07/25/2036		10,698,009
	11,516,906	Series 2006-6-3A1		7.00%			07/25/2036		3,686,303
	400,414	Series 2006-7-3A11		6.00%			08/25/2036		342,232
	5,207,865	Series 2006-7-7A5		6.00%			08/25/2036		5,032,487
	9,068,555	Series 2006-9-2A1		5.50%			11/25/2036		8,394,447
	28,563,826	Series 2006-9-3A1		6.00%			11/25/2036		26,537,874
	8,111,752	Series 2006-9-4A1		6.00%			11/25/2036		6,625,342
	9,698,901	Series 2006-9-6A14		6.00%			11/25/2036		9,262,524
	1,575,911	Series 2006-9-6A15		36.75%	# I/F		11/25/2036		2,968,930
	12,183,073	Series 2007-1-1A4		6.13%	#		02/25/2037		6,475,787
	11,898,532	Series 2007-1-3A1		6.00%			02/25/2022		9,104,936
	7,337,166	Series 2007-1-5A14		6.00%			02/25/2037		6,309,054
	113,846	Series 2007-2-2A1		5.00%			03/25/2037		112,259

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates, (Cont.)
	11,791,029	Series 2007-3-2A10		6.00%			04/25/2037		9,560,564
	7,111,366	Series 2007-5-2A5		5.00%			08/25/2037		6,559,301
	54,463,928	Series 2007-5-3A19		6.00%			08/25/2037		55,944,742
	24,546,067	Series 2007-5-3A9		6.00%			08/25/2037		24,073,268
	13,079,684	Series 2008-2R-1A1		6.00%	^		07/25/2037		11,987,910
	4,165,068	Series 2009-1R-4A2		3.46%	#^		07/20/2035		3,776,760
	7,380,286	Series 2010-13R-1A2		5.50%	^		12/26/2035		6,868,087
	93,898,000	Series 2010-17R-6A1		2.53%	#^		06/26/2037		90,546,489
	28,481,080	Series 2010-2R-4A17		6.00%	#^		03/26/2037		26,091,953
	57,269,942	Series 2010-4R-3A17		6.00%	#^		06/26/2037		55,733,814
	28,275,844	Series 2010-4R-8A17		6.00%	#^		06/26/2037		27,263,193
	6,379,605	Series 2010-6R-2A6A		6.25%	^		07/26/2037		6,525,362
	21,392,004	Series 2010-7R-4A17		6.00%	#^		04/26/2037		20,522,847
	39,567,297	Series 2010-9R-2A5		4.00%	^		02/27/2038		38,458,752
	63,657,718	Series 2013-6-1A1		2.50%	#^		07/25/2028		64,825,481
	56,620,378	Series 2013-9R-A1		3.00%	#^		05/27/2043		56,254,310
	39,605,978	Series 2013-IVR4-A11		3.49%	#^		07/25/2043		40,635,045
	28,017,562	Series 2013-IVR4-A2		3.00%	#^		07/25/2043		28,594,346
	64,058,542	Series 2014-CIM1-A3		2.59%	#^		01/25/2058		64,363,832
	8,619,454	Series 2014-WIN1-2A4		3.00%	#^		09/25/2044		8,713,561
	114,346,679	Series 2015-1-A1		2.50%	#^		01/25/2045		114,811,269
	146,336,410	Series 2015-PR2-A1		4.25%	#^		07/26/2055		145,141,793
	87,876,102	Series 2015-RPL1-A1		3.63%	#^		02/25/2057		86,769,162
	99,396,097	Series 2015-RPL2-A1A		3.75%	#^		11/25/2057		98,172,104
	27,357,174	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		27,017,420
	36,359,103	Series 2016-PR1-A1		5.13%	#^		07/25/2056		36,202,806
		Credit-Based Asset Servicing and Securitization LLC,
	322,169	Series 2005-CB6-A4		3.80%	#		07/25/2035		320,420
	9,750,000	Series 2007-MX1-A3		5.83%	#^		12/25/2036		9,783,684
		CSMLT Trust,
	10,055,751	Series 2015-1-A9		3.50%	#^		05/25/2045		10,439,525
	54,412,580	Series 2015-2-A7		3.50%	#^		08/25/2045		56,183,144
	21,312,994	Series 2015-3-1A2		3.50%	#^		11/25/2045		21,722,560
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	21,574,012	Series 2005-4-A5		5.50%	#		09/25/2035		19,391,781
	1,510,473	Series 2005-5-1A6		32.09%	# I/F		11/25/2035		2,299,030
	1,492,253	Series 2005-5-2A1		0.73%	#		11/25/2035		778,642
	4,503,783	Series 2005-5-2A2		4.77%	# I/F I/O		11/25/2035		902,676
	15,389,413	Series 2005-6-2A1		5.50%			12/25/2035		12,983,772
	37,293,799	Series 2007-1-1A3A		0.74%	#		08/25/2037		33,451,453
	38,166,132	Series 2007-2-2A1		0.83%	#		09/25/2047		30,207,302
	19,387,708	Series 2007-OA5-A1B		0.75%	#		08/25/2047		16,011,093
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	1,245,786	Series 2006-AB2-A2		5.88%	#		06/25/2036		1,035,962
	2,404,758	Series 2006-AB4-A1A		6.01%	#		10/25/2036		2,046,524
	33,580,445	Series 2006-AB4-A2		5.65%	#		10/25/2036		28,394,452
	2,392,202	Series 2006-AB4-A3		5.90%	#		10/25/2036		2,036,170
	3,516,919	Series 2006-AB4-A3A1		5.90%	#		10/25/2036		2,993,495
	6,995,097	Series 2006-AB4-A6A1		5.87%	#		10/25/2036		5,954,842
		Deutsche Mortgage Securities, Inc.,
	18,548,292	Series 2006-PR1-3A1		11.39%	#^ I/F		04/15/2036		20,778,120
	7,195,013	Series 2006-PR1-4AI1		11.38%	#^ I/F		04/15/2036		8,375,883
	11,740,276	Series 2006-PR1-4AI2		13.60%	#^ I/F		04/15/2036		14,569,974
	657,474	Series 2006-PR1-5AI1		17.78%	#^ I/F		04/15/2036		888,628
	5,719,484	Series 2006-PR1-5AI3		11.84%	#^ I/F		04/15/2036		6,516,238
	94,702,769	Series 2006-PR1-5AI4		11.39%	#^ I/F		04/15/2036		106,412,918
	8,972,437	Series 2009-RS2-4A2		0.65%	#^		04/26/2037		8,795,285
		First Franklin Mortgage Loan Trust,
	4,302,676	Series 2006-FF1-2A3		0.77%	#		01/25/2036		4,281,317
	12,648,778	Series 2006-FF3-A2B		0.73%	#		02/25/2036		12,314,704
		First Horizon Alternative Mortgage Securities,
	12,190,130	Series 2005-AA4-1A1		2.74%	#		05/25/2035		10,087,964
	7,626,556	Series 2005-FA5-1A4		5.50%			08/25/2035		6,892,767
	10,279,368	Series 2005-FA8-1A4		5.50%			11/25/2035		8,895,636
	1,121,580	Series 2005-FA8-2A1		5.00%			11/25/2020		1,131,023
	7,896,158	Series 2005-FA9-A4A		5.50%			12/25/2035		6,897,867
	5,859,493	Series 2006-AA3-A1		2.81%	#		06/25/2036		4,780,605
	4,587,061	Series 2006-FA1-1A12		6.00%			04/25/2036		3,655,794
	292,906	Series 2006-FA1-1A6		1.28%	#		04/25/2036		283,718
	3,001,796	Series 2006-FA2-1A5		6.00%			05/25/2036		2,429,958
	903,656	Series 2006-FA7-A8		6.25%			12/25/2036		712,105

26 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Horizon Alternative Mortgage Securities, (Cont.)
	4,291,114	Series 2006-FA8-1A5		6.00%			02/25/2037		3,320,855
	9,056,393	Series 2006-RE1-A1		5.50%			05/25/2035		8,134,910
	25,516,923	Series 2007-FA3-A3		6.00%			06/25/2037		19,829,229
	1,312,977	Series 2007-FA3-A4		6.00%			06/25/2037		1,020,316
	1,454,294	Series 2007-FA4-1A13		6.25%			08/25/2037		1,147,311
	4,489,514	Series 2007-FA4-1A4		6.25%			08/25/2037		3,541,837
	2,109,427	Series 2007-FA4-1A5		6.25%			08/25/2037		1,664,155
		First Horizon Asset Securities, Inc.,
	3,191,983	Series 2006-1-1A2		6.00%			05/25/2036		2,957,816
	7,188,184	Series 2007-1-A3		6.00%			03/25/2037		6,416,048
	4,961,203	Series 2007-4-1A1		6.00%			08/25/2037		4,211,825
		GCAT LLC,
	61,212,593	Series 2016-1-A1		4.50%	#^		03/25/2021		61,607,616
		GE-WMC Asset-Backed Pass-Through Certificates,
	46,273,000	Series 2005-2-A2D		0.85%	#		12/25/2035		36,555,809
		GMACM Mortgage Loan Trust,
	6,477,843	Series 2003-AR1-A5		3.70%	#		10/19/2033		6,551,676
	8,952,029	Series 2005-AR5-3A1		3.48%	#		09/19/2035		8,595,747
	11,805,716	Series 2005-J1-A14		5.50%			12/25/2035		11,487,007
		GreenPoint Mortgage Funding Trust,
	46,723,346	Series 2005-AR3-2A1		0.79%	#		08/25/2045		30,319,704
		GS Mortgage Securities Corporation,
	1,827,131	Series 2008-2R-1A1		7.50%	#^		09/25/2036		1,382,604
	7,302,899	Series 2009-3R-1A2		6.00%	#^		04/25/2037		6,999,722
		GSAA Home Equity Trust,
	279,000	Series 2005-12-AF3		5.07%	#		09/25/2035		237,204
	35,227,763	Series 2005-7-AF3		4.75%	#		05/25/2035		35,286,953
	11,817,196	Series 2006-10-AF3		5.98%	#		06/25/2036		6,087,688
	8,457,770	Series 2006-10-AF4		6.30%	#		06/25/2036		4,354,945
	15,845,441	Series 2006-15-AF4		5.96%	#		09/25/2036		8,545,711
	2,684,495	Series 2006-18-AF3A		5.77%	#		11/25/2036		1,568,090
	5,772,958	Series 2006-18-AF6		5.68%	#		11/25/2036		3,036,966
	6,979,876	Series 2007-10-A1A		6.00%			11/25/2037		5,953,412
	3,981,849	Series 2007-10-A2A		6.50%			11/25/2037		2,779,728
		GSMPS Mortgage Loan Trust,
	15,759,868	Series 2005-RP2-1AF		0.88%	#^		03/25/2035		13,683,942
	15,759,868	Series 2005-RP2-1AS		4.35%	#^ I/O		03/25/2035		1,898,721
	8,915,456	Series 2005-RP3-1AF		0.88%	#^		09/25/2035		7,749,485
	8,915,456	Series 2005-RP3-1AS		4.19%	#^ I/O		09/25/2035		1,288,483
	34,362,581	Series 2006-RP1-1AS		4.10%	#^ I/O		01/25/2036		5,843,697
	34,362,581	Series 2006-RP1-AF1		0.88%	#^		01/25/2036		28,984,721
		GSMSC Pass-Through Trust,
	11,094,172	Series 2009-3R-3A2		5.75%	#^		04/25/2037		10,870,815
		GSR Mortgage Loan Trust,
	3,034,951	Series 2005-1F-1A2		5.50%			02/25/2035		3,091,531
	6,089,600	Series 2005-1F-3A3		6.00%			01/25/2035		6,167,673
	974,425	Series 2005-6F-3A5		6.00%			07/25/2035		993,222
	9,484,829	Series 2005-6F-3A9		6.37%	# I/F I/O		07/25/2035		1,426,791
	943,435	Series 2005-6F-4A1		1.03%	#		07/25/2035		754,674
	588,373	Series 2005-7F-3A1		1.03%	#		09/25/2035		547,029
	13,332,145	Series 2005-8F-3A5		6.00%			11/25/2035		11,107,354
	4,709,668	Series 2005-8F-4A1		6.00%			11/25/2035		3,984,719
	1,822,022	Series 2006-1F-1A2		5.50%			02/25/2036		1,736,991
	1,257,782	Series 2006-2F-2A3		5.75%			02/25/2036		1,174,059
	4,662,783	Series 2006-2F-3A3		6.00%			02/25/2036		3,811,990
	5,599,542	Series 2006-2F-3A6		6.00%			02/25/2036		4,559,962
	16,746,169	Series 2006-6F-2A3		6.00%			07/25/2036		14,276,384
	13,583,464	Series 2006-7F-2A1		6.00%			08/25/2036		12,563,638
	8,256,491	Series 2006-7F-3A4		6.25%			08/25/2036		6,171,219
	10,087,446	Series 2006-9F-2A1		6.00%			10/25/2036		9,543,419
	25,955,845	Series 2006-9F-4A1		6.50%			10/25/2036		22,173,474
	171,385	Series 2006-9F-8A1		5.50%			08/25/2021		158,922
	12,197,960	Series 2006-OA1-2A1		0.72%	#		08/25/2046		12,001,446
	2,046,137	Series 2007-1F-2A2		5.50%			01/25/2037		1,946,297
	3,145,373	Series 2007-4F-1A1		5.00%			07/25/2037		2,986,467
	41,832,505	Series 2007-4F-3A11		6.00%			07/25/2037		38,096,193
		HarborView Mortgage Loan Trust,
	2,284,512	Series 2005-14-3A1A		3.23%	#		12/19/2035		2,002,514
	9,655,632	Series 2006-10-2A1A		0.71%	#		11/19/2036		8,037,640

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HarborView Mortgage Loan Trust, (Cont.)
	22,067,134	Series 2006-11-A1A		0.70%	#		12/19/2036		16,570,317
		Home Equity Asset Trust,
	1,602,407	Series 2003-3-M1		1.82%	#		08/25/2033		1,548,653
	626,928	Series 2004-7-M2		1.52%	#		01/25/2035		570,189
		Home Equity Loan Trust,
	15,000,000	Series 2007-FRE1-2AV2		0.69%	#		04/25/2037		13,348,311
		HomeBanc Mortgage Trust,
	1,960,181	Series 2005-1-M2		1.02%	#		03/25/2035		1,507,213
	28,775,685	Series 2005-3-A1		0.77%	#		07/25/2035		27,744,454
	2,570,951	Series 2006-1-3A1		2.73%	#		04/25/2037		2,414,391
		HSI Asset Loan Obligation Trust,
	39,664,785	Series 2007-2-3A6		6.00%			09/25/2037		30,766,221
	6,484,068	Series 2007-AR1-3A1		2.83%	#		01/25/2037		5,280,386
		IMPAC Trust,
	1,136,719	Series 2002-9F-A1		5.22%	#		12/25/2032		1,144,091
		IndyMac Mortgage Loan Trust,
	2,837,457	Series 2006-AR2-1A1		3.35%	#		09/25/2036		2,275,872
	7,991,046	Series 2006-AR2-4A1		3.26%	#		09/25/2036		6,922,394
	33,371,395	Series 2006-AR3-1A1		3.03%	#		12/25/2036		29,675,667
	10,575,443	Series 2006-AR7-3A1		3.05%	#		05/25/2036		9,000,114
	6,009,806	Series 2007-A1-A1		6.00%			08/25/2037		4,936,216
	4,399,647	Series 2007-A1-A7		6.00%			08/25/2037		3,613,696
	26,601,394	Series 2007-A3-A1		6.25%			11/25/2037		21,616,349
	14,133,697	Series 2007-AR1-3A1		4.51%	#		03/25/2037		12,582,471
	6,418,215	Series 2007-AR3-3A1		4.66%	#		07/25/2037		5,546,562
	596,513	Series 2007-F2-1A2		6.00%			07/25/2037		536,536
	28,661,938	Series 2007-F2-2A1		6.50%			07/25/2037		17,430,018
		Jefferies & Company, Inc.,
	2,641,711	Series 2010-R1-1A1		6.00%	#^		03/26/2037		2,683,657
	10,381,173	Series 2010-R4-1A4		6.04%	#^		10/26/2036		9,872,926
		JP Morgan Alternative Loan Trust,
	15,258,563	Series 2005-S1-2A11		6.00%			12/25/2035		14,016,222
	4,891,570	Series 2005-S1-2A9		6.00%			12/25/2035		4,507,234
	4,935,197	Series 2006-S1-1A8		5.75%			03/25/2036		4,242,693
	15,849,162	Series 2006-S2-A4		6.19%	#		05/25/2036		12,978,555
	7,143,546	Series 2006-S4-A3A		5.78%	#		12/25/2036		7,038,576
	27,081,041	Series 2006-S4-A4		5.96%	#		12/25/2036		23,867,101
		JP Morgan Mortgage Acquisition Corporation,
	13,319,915	Series 2006-CH2-AF3		5.46%	#		10/25/2036		10,382,899
	4,667,498	Series 2006-WF1-A5		6.41%	#		07/25/2036		2,648,265
	23,000,000	Series 2007-CH1-AF5		5.04%	#		11/25/2036		21,781,382
	474,966	Series 2007-CH5-A3		0.64%	#		05/25/2037		474,259
		JP Morgan Mortgage Trust,
	1,706,736	Series 2005-A6-5A1		2.96%	#		08/25/2035		1,578,531
	2,748,384	Series 2005-S2-2A13		5.50%			09/25/2035		2,794,196
	1,975,205	Series 2006-S2-3A3		6.00%			07/25/2036		1,655,927
	5,910,281	Series 2006-S3-1A2		6.00%			08/25/2036		4,938,038
	10,841,809	Series 2006-S3-1A21		0.91%	#		08/25/2036		4,838,455
	10,841,809	Series 2006-S3-1A22		6.59%	# I/F I/O		08/25/2036		4,152,373
	2,753,831	Series 2006-S3-1A9		6.00%			08/25/2036		2,300,862
	10,400,249	Series 2006-S4-A8		0.91%	#		01/25/2037		5,579,796
	10,400,249	Series 2006-S4-A9		6.09%	# I/F I/O		01/25/2037		2,712,383
	3,275,101	Series 2007-A2-2A1		2.95%	#		04/25/2037		2,917,136
	13,286,413	Series 2007-S1-2A6		6.00%			03/25/2037		11,198,873
	5,243,047	Series 2007-S3-1A1		5.50%			08/25/2037		4,648,536
	9,095,743	Series 2007-S3-1A35		6.00%			08/25/2037		8,115,698
	1,540,934	Series 2007-S3-1A9		6.00%			08/25/2037		1,325,542
	8,386,739	Series 2007-S3-1A96		6.00%			08/25/2037		7,500,463
	9,552,024	Series 2007-S3-1A97		6.00%			08/25/2037		8,544,044
	1,620,717	Series 2007-S3-2A2		5.50%			08/25/2022		1,598,462
		JP Morgan Resecuritization Trust,
	13,845,951	Series 2009-4-3A2		6.00%	^		02/26/2037		12,360,234
	22,826,335	Series 2010-1-1A4		6.00%	^		02/26/2037		18,141,732
	17,346,885	Series 2010-2-3A9		6.00%	^		07/26/2036		15,673,611
	1,040,131	Series 2010-8-2A3		2.98%	#^		11/26/2034		1,036,045
	2,492,856	Series 2011-2-7A11		6.00%	#^		04/26/2036		2,492,107
	2,156,365	Series 2012-2-3A3		2.57%	#^		10/26/2036		2,141,377

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 27

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lehman Mortgage Trust,
	4,612,061	Series 2005-2-3A5		5.50%			12/25/2035		4,032,147
	3,970,705	Series 2005-2-5A5		5.75%			12/25/2035		3,736,306
	5,881,594	Series 2005-3-2A1		6.00%			01/25/2036		5,438,215
	500,841	Series 2005-3-2A3		5.50%			01/25/2036		450,899
	2,689,985	Series 2005-3-2A7		6.00%			01/25/2036		2,487,202
	2,366,284	Series 2006-1-1A1		1.28%	#		02/25/2036		1,465,661
	7,098,852	Series 2006-1-1A2		4.22%	# I/F I/O		02/25/2036		1,429,213
	8,699,127	Series 2006-1-3A1		1.28%	#		02/25/2036		7,268,885
	8,699,127	Series 2006-1-3A2		4.22%	# I/F I/O		02/25/2036		1,047,926
	5,604,773	Series 2006-1-3A4		5.50%			02/25/2036		5,300,966
	4,736,089	Series 2006-4-1A3		4.87%	# I/F I/O		08/25/2036		1,060,572
	3,010,156	Series 2006-4-1A4		6.00%			08/25/2036		2,719,894
	8,491,925	Series 2006-5-2A1		0.88%	#		09/25/2036		2,745,230
	17,688,587	Series 2006-5-2A2		6.62%	# I/F I/O		09/25/2036		5,606,184
	13,711,829	Series 2006-6-3A9		5.50%			10/25/2036		10,938,051
	6,156,097	Series 2006-6-4A5		6.00%			12/25/2036		5,843,746
	4,332,678	Series 2006-7-2A2		0.98%	#		11/25/2036		1,650,841
	14,534,449	Series 2006-7-2A5		6.02%	# I/F I/O		11/25/2036		4,167,577
	3,839,232	Series 2006-9-1A19		28.27%	# I/F		01/25/2037		6,099,616
	4,241,434	Series 2006-9-1A5		1.13%	#		01/25/2037		2,676,241
	12,619,005	Series 2006-9-1A6		4.62%	# I/F I/O		01/25/2037		2,250,488
	5,308,701	Series 2006-9-2A1		0.91%	#		01/25/2037		1,955,524
	10,355,312	Series 2006-9-2A2		6.09%	# I/F I/O		01/25/2037		3,490,727
	11,022,508	Series 2007-10-2A1		6.50%			01/25/2038		8,468,961
	3,349,368	Series 2007-2-1A1		5.75%			02/25/2037		2,931,391
	3,716,387	Series 2007-4-2A11		0.86%	#		05/25/2037		1,666,083
	14,869,144	Series 2007-4-2A8		6.14%	# I/F I/O		05/25/2037		5,311,023
	1,458,422	Series 2007-4-2A9		0.86%	#		05/25/2037		742,507
	14,196,776	Series 2007-5-11A1		5.35%	#		06/25/2037		10,383,173
	4,710,826	Series 2007-5-3A4		5.00%			12/25/2035		4,377,706
	2,161,119	Series 2007-5-4A3		36.93%	# I/F		08/25/2036		4,461,906
	1,127,485	Series 2007-5-7A3		7.50%			10/25/2036		966,918
	640,321	Series 2007-6-1A8		6.00%			07/25/2037		577,217
	6,846,354	Series 2008-2-1A6		6.00%			03/25/2038		5,141,348
		Lehman XS Trust,
	1,457,204	Series 2005-10-2A3B		5.55%	#		01/25/2036		1,349,303
	14,232,968	Series 2005-4-2A3A		5.00%	#		10/25/2035		13,122,859
	1,457,707	Series 2006-5-2A4A		5.89%	#		04/25/2036		1,368,007
	23,159,170	Series 2007-1-2A1		5.27%	#		02/25/2037		20,672,100
		Long Beach Mortgage Loan Trust,
	6,995,831	Series 2006-WL1-2A3		0.77%	#		01/25/2046		6,639,679
		MASTR Adjustable Rate Mortgages Trust,
	5,084,712	Series 2005-2-2A1		2.92%	#		03/25/2035		3,945,923
	4,169,858	Series 2005-6-5A1		2.90%	#		07/25/2035		3,629,359
	23,551,950	Series 2007-1-2A1		3.15%	#		11/25/2036		20,798,640
	1,791,781	Series 2007-2-A2		0.64%	#		03/25/2047		1,777,891
		MASTR Alternative Loans Trust,
	1,997,017	Series 2005-2-3A1		6.00%			03/25/2035		1,911,429
	653,913	Series 2005-5-2A3		5.50%			07/25/2025		651,146
	5,274,800	Series 2005-6-1A5		5.50%			12/25/2035		4,690,149
	2,903,793	Series 2006-3-1A2		6.25%			07/25/2036		2,492,384
	5,315,202	Series 2007-1-1A5		5.75%			10/25/2036		5,019,453
	6,808,009	Series 2007-1-2A7		6.00%			10/25/2036		4,903,033
		MASTR Asset Backed Securities Trust,
	4,975,000	Series 2003-OPT1-M3		4.65%	#		12/25/2032		4,952,164
	18,424,708	Series 2006-AM2-A3		0.70%	#		06/25/2036		14,159,031
		MASTR Asset Securitization Trust,
	250,061	Series 2003-1-30B2		5.75%			02/25/2033		249,724
	6,751,194	Series 2006-1-1A4		5.75%			05/25/2036		6,402,923
	4,745,060	Series 2006-2-1A11		6.00%	#		06/25/2036		4,551,864
	76,995	Series 2007-1-1A1		5.50%			11/25/2037		77,407
	5,045,998	Series 2007-1-1A3		6.25%			11/25/2037		4,214,580
		MASTR Resecuritization Trust,
	22,652,459	Series 2008-4-A1		6.00%	#^		06/27/2036		19,145,115
		MASTR Seasoned Securitization Trust,
	1,920,202	Series 2005-2-1A4		6.00%			10/25/2032		1,911,767
	1,729,560	Series 2005-2-2A1		0.93%	#		10/25/2032		1,540,506
		Merrill Lynch Alternative Note Asset Trust,
	25,907,986	Series 2007-F1-2A4		6.15%	# I/O I/F		03/25/2037		10,042,568
	25,907,986	Series 2007-F1-2A5		0.85%	#		03/25/2037		12,483,045

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Mortgage Investors Trust,
	9,217,155	Series 2006-3-1A		2.84%	#		10/25/2036		8,970,266
	2,806,334	Series 2006-F1-1A2		6.00%			04/25/2036		2,568,317
		Monterey Ltd.,
	71,846,320	Series 2006-1A-A1A		1.07%	#^		09/06/2042		5,280,705
	283,634,283	Series 2006-1A-A1B		1.07%	#^		09/06/2042		20,847,120
		Morgan Stanley Capital, Inc.,
	449,743	Series 2003-NC6-M2		3.45%	#		06/25/2033		444,491
		Morgan Stanley Mortgage Loan Trust,
	1,971,058	Series 2005-10-1A1		1.23%	#		12/25/2035		1,585,967
	4,938,389	Series 2005-10-1A6		5.75%			12/25/2035		4,771,200
	7,368,632	Series 2005-10-2A1		5.54%	#		12/25/2035		7,380,975
	618,266	Series 2005-6AR-1A1		0.81%	#		11/25/2035		606,604
	6,196,099	Series 2006-11-1A6		6.23%	#		08/25/2036		2,833,166
	13,500,193	Series 2006-11-2A1		6.00%			08/25/2036		11,196,202
	8,376,618	Series 2006-17XS-A3A		5.65%	#		10/25/2046		4,835,070
	2,638,357	Series 2006-17XS-A6		5.58%	#		10/25/2046		1,352,394
	8,018,980	Series 2006-2-2A3		5.75%			02/25/2036		7,640,988
	36,543,529	Series 2006-7-3A		5.18%	#		06/25/2036		30,420,580
	3,608,100	Series 2006-7-4A4		6.00%			06/25/2036		3,276,127
	3,652,577	Series 2006-7-4A7		6.00%			06/25/2036		3,316,511
	4,927,029	Series 2007-13-6A1		6.00%			10/25/2037		4,320,054
	18,201,250	Series 2007-14AR-2A3		2.91%	#		10/25/2037		15,387,744
	4,214,119	Series 2007-1XS-2A3		5.92%	#		09/25/2046		2,136,627
	3,052,681	Series 2007-1XS-2A4A		6.08%	#		09/25/2046		1,732,190
	1,294,019	Series 2007-3XS-1A2A		5.62%	#		01/25/2047		1,253,666
	8,661,382	Series 2007-3XS-2A3S		5.86%	#		01/25/2047		5,591,754
	5,066,091	Series 2007-3XS-2A4S		5.96%	#		01/25/2047		3,269,965
		Morgan Stanley Re-Remic Trust,
	44,956	Series 2010-R9-1A		4.00%	#^		08/26/2036		44,887
	6,387,320	Series 2010-R9-1B		6.07%	#^		08/26/2036		4,956,441
	41,684,192	Series 2010-R9-3C		6.00%	#^		11/26/2036		39,857,491
	5,672,986	Series 2011-R1-1A		5.94%	#^		02/26/2037		5,992,664
		MSCC Heloc Trust,
	10,757,920	Series 2007-1-A		0.63%	#		12/25/2031		10,711,104
		Nationstar HECM Loan Trust,
	8,000,000	Series 2016-2A-M1		3.60%	^		06/25/2026		8,104,544
		New Century Home Equity Loan Trust,
	33,589,250	Series 2005-2-M3		1.26%	#		06/25/2035		28,845,665
		New Residential Mortgage Loan Trust,
	22,327,157	Series 2014-2A-A3		3.75%	#^		05/25/2054		23,318,811
	62,007,958	Series 2015-2A-A1		3.75%	#^		08/25/2055		65,007,494
		New York Mortgage Trust,
	978,499	Series 2005-2-A		0.86%	#		08/25/2035		905,711
		Nomura Asset Acceptance Corporation,
	472,368	Series 2005-AP1-2A5		4.86%	#		02/25/2035		478,921
	17,872,330	Series 2006-AF1-1A2		6.16%	#		05/25/2036		8,171,800
	3,631,977	Series 2006-AF1-1A3		6.41%	#		05/25/2036		1,659,922
	21,699,234	Series 2006-AP1-A2		5.52%	#		01/25/2036		12,618,647
	3,667,627	Series 2006-AP1-A3		5.65%	#		01/25/2036		2,148,252
	1,826,214	Series 2006-WF1-A2		5.76%	#		06/25/2036		967,357
		Nomura Home Equity Loan, Inc.,
	19,712,302	Series 2006-AF1-A2		5.80%	#		10/25/2036		9,882,284
	3,575,848	Series 2007-1-1A1		6.06%	#		02/25/2037		1,661,947
	17,822,852	Series 2007-1-1A3		5.99%	#		02/25/2037		8,284,484
		Oaks Mortgage Trust Series,
	65,324,934	Series 2015-2-A3		3.50%	#^		10/25/2045		67,314,627
		Option One Mortgage Loan Trust,
	1,243,634	Series 2004-3-M3		1.50%	#		11/25/2034		1,143,447
		Park Place Securities, Inc.,
	13,000,000	Series 2005-WHQ4-M2		1.02%	#		09/25/2035		11,197,862
		PFCA Home Equity Investment Trust,
	36,852,129	Series 2003-IFC5-A		4.11%	#^¥		01/22/2035		37,058,600
	42,257,376	Series 2003-IFC6-A		4.11%	#^¥		04/22/2035		39,313,824
		PHH Alternative Mortgage Trust,
	10,352,707	Series 2007-1-1A1		0.69%	#		02/25/2037		8,646,524
	28,528,598	Series 2007-2-2A1		6.00%			05/25/2037		25,736,182

28 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PHH Alternative Mortgage Trust, (Cont.)
	1,287,876	Series 2007-2-3A1		6.00%			05/25/2037		1,143,614
	9,726,790	Series 2007-3-A2		0.72%	#		07/25/2037		9,667,437
		PR Mortgage Loan Trust,
	266,972,136	Series 2014-1-APT		5.91%	#		10/25/2049		275,408,989
		Pretium Mortgage Credit Partners LLC,
	63,598,731	Series 2016-NPL1-A1		4.38%	#^		02/27/2031		64,425,528
	84,932,102	Series 2016-NPL2-A1		4.38%	#^		03/27/2031		85,885,431
	34,173,503	Series 2016-NPL4-A		4.00%	#^		07/27/2031		34,361,232
		Prime Mortgage Trust,
	12,657,529	Series 2006-DR1-2A1		5.50%	^		05/25/2035		11,850,141
	6,014,311	Series 2006-DR1-2A2		6.00%	^		05/25/2035		5,726,970
		RBSGC Structured Trust,
	39,744,507	Series 2008-B-A1		6.00%	^		06/25/2037		33,988,075
		RCO Mortgage LLC,
	13,204,954	Series 2015-2A-A		4.50%	#^		11/25/2045		13,227,724
	9,744,266	Series 2016-1-A		4.50%	#		11/25/2047		9,805,133
		Renaissance Home Equity Loan Trust,
	1,302,284	Series 2006-1-AF6		5.75%	#		05/25/2036		888,678
	10,646,007	Series 2006-4-AF4		5.47%	#		01/25/2037		6,050,132
	20,964,155	Series 2006-4-AF5		5.69%	#		01/25/2037		12,337,602
	17,985,625	Series 2007-2-AF2		5.68%	#		06/25/2037		8,816,541
	9,727,217	Series 2007-2-AF5		6.20%	#		06/25/2037		5,229,399
		Residential Accredit Loans, Inc.,
	4,847,244	Series 2004-QS15-A1		5.25%			11/25/2034		4,950,151
	47,028,640	Series 2005-QA11-4A1		3.63%	#		10/25/2035		38,979,707
	25,825,854	Series 2005-QA13-2A1		3.89%	#		12/25/2035		22,693,948
	16,644,006	Series 2005-QA3-CB1		3.71%	#		03/25/2035		11,108,488
	676,108	Series 2005-QS12-A11		45.37%	# I/F		08/25/2035		1,300,724
	2,940,875	Series 2005-QS13-1A6		5.50%			09/25/2035		2,593,470
	5,539,867	Series 2005-QS13-2A1		1.23%	#		09/25/2035		4,180,763
	22,713,457	Series 2005-QS13-2A2		4.52%	# I/F I/O		09/25/2035		3,155,658
	10,815,387	Series 2005-QS14-2A1		6.00%			09/25/2035		8,205,988
	4,391,298	Series 2005-QS15-2A		6.00%			10/25/2035		3,444,062
	4,913,357	Series 2005-QS15-3A		6.00%			10/25/2035		4,406,144
	5,587,850	Series 2005-QS16-A1		1.23%	#		11/25/2035		4,022,378
	5,586,884	Series 2005-QS16-A2		4.27%	# I/F I/O		11/25/2035		901,345
	2,635,838	Series 2005-QS17-A1		6.00%			12/25/2035		2,297,661
	1,826,500	Series 2005-QS17-A10		6.00%			12/25/2035		1,592,161
	7,639,216	Series 2005-QS17-A11		6.00%			12/25/2035		6,659,108
	5,429,714	Series 2005-QS17-A2		1.38%	#		12/25/2035		3,842,876
	5,429,714	Series 2005-QS17-A4		4.62%	# I/F I/O		12/25/2035		889,557
	4,368,916	Series 2005-QS17-A6		6.00%			12/25/2035		3,808,386
	1,560,664	Series 2005-QS1-A5		5.50%			01/25/2035		1,560,811
	2,163,968	Series 2005-QS5-A3		5.70%			04/25/2035		2,176,768
	1,739,166	Series 2005-QS9-A1		1.03%	#		06/25/2035		1,418,588
	4,235,241	Series 2005-QS9-A4		4.47%	# I/F I/O		06/25/2035		577,367
	2,139,694	Series 2006-QS10-A4		5.75%			08/25/2036		1,753,177
	14,182,141	Series 2006-QS11-1A1		6.50%			08/25/2036		11,994,626
	2,318,624	Series 2006-QS12-1A1		6.50%			09/25/2036		1,675,727
	5,606,952	Series 2006- QS12-2A18		5.75%			09/25/2036		4,610,136
	9,046,323	Series 2006-QS14-A18		6.25%			11/25/2036		7,660,678
	4,465,061	Series 2006-QS15-A1		6.50%			10/25/2036		3,848,307
	1,787,760	Series 2006-QS16-A10		6.00%			11/25/2036		1,432,357
	6,356,992	Series 2006-QS16-A11		6.00%			11/25/2036		5,197,544
	1,855,677	Series 2006-QS16-A7		6.00%			11/25/2036		1,517,221
	2,005,278	Series 2006-QS16-A8		6.00%			11/25/2036		1,639,537
	793,526	Series 2006-QS16-A9		6.00%			11/25/2036		648,795
	4,001,136	Series 2006-QS17-A4		6.00%			12/25/2036		3,424,676
	22,228,582	Series 2006-QS17-A5		6.00%			12/25/2036		19,026,017
	2,231,230	Series 2006-QS1-A6		38.83%	# I/F		01/25/2036		4,627,967
	15,337,186	Series 2006-QS3-1A11		6.00%			03/25/2036		13,277,821
	3,477,745	Series 2006-QS4-A8		8.00%	# I/F		04/25/2036		3,390,658
	9,896,461	Series 2006-QS5-A3		6.00%			05/25/2036		8,541,704
	29,495,177	Series 2006-QS5-A4		6.00%			05/25/2036		25,579,176
	3,865,385	Series 2006-QS6-1A16		6.00%			06/25/2036		3,342,735
	6,357,754	Series 2006-QS6-1A2		6.00%			06/25/2036		5,498,103
	13,126,875	Series 2006-QS8-A1		6.00%			08/25/2036		11,122,843
	22,763,917	Series 2006-QS8-A5		5.02%	# I/F I/O		08/25/2036		4,644,527
	7,480,227	Series 2006-QS9-1A6		4.77%	# I/F I/O		07/25/2036		2,271,221
	7,267,724	Series 2007-QS11-A1		7.00%			10/25/2037		6,052,688
	25,061,089	Series 2007-QS1-1A2		4.92%	# I/F I/O		01/25/2037		4,445,644

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
	2,522,664	Series 2007-QS1-1A4		6.00%			01/25/2037		2,114,571
	6,143,106	Series 2007-QS1-2A10		6.00%			01/25/2037		5,442,662
	1,102,779	Series 2007-QS2-A6		6.25%			01/25/2037		894,776
	40,238,130	Series 2007-QS3-A1		6.50%			02/25/2037		33,719,347
	6,416,221	Series 2007-QS3-A4		6.25%			02/25/2037		5,285,401
	10,230,941	Series 2007-QS4-3A3		6.00%			03/25/2037		8,998,414
	4,736,092	Series 2007-QS5-A1		5.50%			03/25/2037		3,725,503
	1,953,831	Series 2007-QS5-A5		0.83%	#		03/25/2037		1,250,761
	6,489,119	Series 2007-QS5-A8		6.17%	# I/F I/O		03/25/2037		1,490,267
	5,283,111	Series 2007-QS6-A102		5.75%			04/25/2037		4,454,495
	1,698,674	Series 2007-QS6-A13		50.62%	# I/F		04/25/2037		4,143,232
	7,565,001	Series 2007-QS6-A45		5.75%			04/25/2037		6,378,487
	12,056,274	Series 2007-QS6-A6		6.25%			04/25/2037		10,473,193
	832,689	Series 2007-QS6-A77		51.46%	# I/F		04/25/2037		2,062,029
	9,204,438	Series 2007-QS7-2A1		6.75%			06/25/2037		5,892,440
	39,757,093	Series 2007-QS9-A33		6.50%			07/25/2037		34,050,913
		Residential Asset Mortgage Products, Inc.,
	95,991	Series 2004-RS4-AI6		5.07%	#		04/25/2034		98,484
	764,605	Series 2004-RS5-AI6		5.55%	#		05/25/2034		787,413
	6,090,237	Series 2004-RS7-A3		2.86%	#		07/25/2034		5,495,280
	1,007,339	Series 2004-RS7-AI6		5.22%	#		07/25/2034		971,141
	327,047	Series 2004-RS9-AI6		4.72%	#		07/25/2034		343,384
	6,041,375	Series 2005-RS1-AI5		5.41%	#		01/25/2035		6,082,780
	50,859,021	Series 2005-RS9-AI4		0.85%	#		11/25/2035		42,738,147
	37,333,343	Series 2006-RS2-A3A		0.83%	#		03/25/2036		34,097,909
	12,760,000	Series 2006-RX5-A3		0.78%	#		08/25/2046		11,329,091
	12,300,000	Series 2006-RZ3-A3		0.82%	#		08/25/2036		11,603,910
		Residential Asset Securities Corporation,
	232,338	Series 2002-KS1-AI6		6.08%	#		06/25/2032		247,177
	1,123,302	Series 2005-AHL3-A2		0.77%	#		11/25/2035		1,115,121
	27,100,365	Series 2005-KS11-M2		0.95%	#		12/25/2035		25,125,244
	11,472,866	Series 2006-EMX5-A3		0.69%	#		07/25/2036		10,218,476
	32,381,638	Series 2007-KS3-AI3		0.78%	#		04/25/2037		30,481,823
		Residential Asset Securitization Trust,
	6,898,239	Series 2005-A11-2A4		6.00%			10/25/2035		5,541,958
	4,085,868	Series 2005-A12-A7		4.47%	# I/F I/O		11/25/2035		611,085
	3,414,901	Series 2005-A12-A8		1.08%	#		11/25/2035		2,334,878
	13,320,482	Series 2005-A13-2A1		5.50%			10/25/2035		10,023,267
	13,289,680	Series 2005-A15-5A3		5.75%			02/25/2036		10,329,030
	2,511,268	Series 2005-A7-A3		5.50%			06/25/2035		2,181,927
	6,359,273	Series 2005-A8CB-A11		6.00%			07/25/2035		6,062,057
	6,324,150	Series 2005-A8CB-A2		4.47%	# I/F I/O		07/25/2035		1,265,092
	6,694,950	Series 2006-A10-A5		6.50%			09/25/2036		4,623,096
	1,081,977	Series 2006-A1-1A3		6.00%			04/25/2036		899,051
	9,516,345	Series 2006-A12-A1		6.25%			11/25/2036		6,849,186
	9,233,762	Series 2006-A13-A1		6.25%			12/25/2036		6,154,792
	18,684,290	Series 2006-A1-3A2		6.00%			04/25/2036		14,358,326
	17,439,029	Series 2006-A14C-2A6		0.98%	#		12/25/2036		4,620,211
	38,485,321	Series 2006-A14C-2A7		6.02%	# I/F I/O		12/25/2036		14,673,983
	8,803,585	Series 2006-A2-A11		6.00%			01/25/2046		6,966,283
	6,100,763	Series 2006-A2-A4		6.00%			01/25/2046		4,823,141
	887,466	Series 2006-A4-2A5		6.00%			05/25/2036		824,695
	5,037,998	Series 2006-A8-1A1		6.00%			08/25/2036		4,483,673
	7,392,374	Series 2006-R1-A1		26.30%	# I/F		01/25/2046		13,521,709
	41,656,671	Series 2007-A2-1A2		6.00%			04/25/2037		35,168,857
	1,207,032	Series 2007-A3-1A2		42.36%	# I/F		04/25/2037		2,957,990
	24,614,009	Series 2007-A5-1A4		5.57%	# I/F I/O		05/25/2037		6,004,760
	6,342,519	Series 2007-A5-1A6		0.93%	#		05/25/2037		1,265,712
	8,760,351	Series 2007-A5-2A3		6.00%			05/25/2037		7,867,845
	3,839,215	Series 2007-A5-2A5		6.00%			05/25/2037		3,448,075
	15,247,234	Series 2007-A6-1A2		6.00%			06/25/2037		14,014,018
	10,926,708	Series 2007-A7-A1		6.00%			07/25/2037		7,684,684
	48,062,680	Series 2007-A7-A2		6.00%			07/25/2037		33,802,175
	21,295,559	Series 2007-A7-A6		6.00%			07/25/2037		14,977,030
		Residential Funding Mortgage Securities Trust,
	1,406,182	Series 2003-S16-A1		4.75%			09/25/2018		1,411,924
	4,174,613	Series 2005-S9-A10		6.25%			12/25/2035		3,959,361
	11,004,288	Series 2005-S9-A6		5.75%			12/25/2035		10,895,575
	818,363	Series 2005-S9-A8		5.50%			12/25/2035		794,818
	14,818,429	Series 2006-S10-1A1		6.00%			10/25/2036		14,133,527
	26,246,620	Series 2006-S11-A1		6.00%			11/25/2036		24,636,022
	4,650,923	Series 2006-S5-A12		6.00%			06/25/2036		4,467,756

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 29

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Funding Mortgage Securities Trust, (Cont.)
	318,422	Series 2006-S5-A15		6.00%			06/25/2036		305,881
	7,980,705	Series 2006-S9-A1		6.25%			09/25/2036		7,396,032
	6,455,013	Series 2007-S1-A7		6.00%			01/25/2037		5,897,087
	5,352,806	Series 2007-S2-A1		6.00%			02/25/2037		5,049,112
	6,030,525	Series 2007-S2-A4		6.00%			02/25/2037		5,688,381
	11,258,301	Series 2007-S2-A5		6.00%			02/25/2037		10,619,556
	1,759,297	Series 2007-S2-A9		6.00%			02/25/2037		1,659,483
	5,172,412	Series 2007-S3-1A4		6.00%			03/25/2037		4,674,700
	1,768,148	Series 2007-S4-A1		6.00%			04/25/2037		1,580,353
	4,720,026	Series 2007-S4-A2		6.00%			04/25/2037		4,218,712
	37,376,579	Series 2007-S5-A1		6.00%			05/25/2037		35,125,597
	10,831,880	Series 2007-S5-A8		6.00%			05/25/2037		10,179,537
	5,736,361	Series 2007-S6-2A4		6.00%			06/25/2037		5,328,611
	30,558,976	Series 2007-S7-A20		6.00%			07/25/2037		28,386,670
	13,020,967	Series 2007-S8-1A1		6.00%			09/25/2037		11,552,077
	5,111,830	Series 2007-SA1-4A		5.75%	#		02/25/2037		4,423,687
	12,400,624	Series 2007-SA2-2A1		3.47%	#		04/25/2037		10,626,947
		RMAT LLC,
	39,081,703	Series 2015-PR2-A1		5.85%	#^		11/25/2035		39,092,619
		Saxon Asset Securities Trust,
	54,621,759	Series 2006-3-A3		0.70%	#		10/25/2046		46,334,737
		Securitized Mortgage Asset Loan Trust,
	383,057,800	Series 2015-1-PC		1.51%	#^¥		02/25/2054		296,917,715
	77,726,361	Series 2015-2-PC		3.57%	^¥		12/26/2059		68,979,270
	129,149,093	Series 2015-3-PC		3.59%	^¥		10/25/2044		120,640,751
		Sequoia Mortgage Trust,
	247,368	Series 2003-4-2A1		0.88%	#		07/20/2033		232,685
	12,190,551	Series 2013-2-A		1.87%	#		02/25/2043		11,976,461
	14,287,629	Series 2013-6-A2		3.00%	#		05/25/2043		14,578,065
	102,243,990	Series 2015-4-A1		3.00%	#^		11/25/2030		104,940,634
	161,332,242	Series 2016-1-A1		3.50%	#^		06/25/2046		166,700,846
	247,711,580	Series 2016-2-A1		3.50%	#^		08/25/2046		256,336,204
		SG Mortgage Securities Trust,
	19,329,932	Series 2006-FRE1-A1A		0.70%	#		02/25/2036		17,948,658
		Shellpoint Co-Originator Trust,
	76,277,009	Series 2015-1-A3		3.50%	#^		08/25/2045		78,034,980
		Soundview Home Equity Loan Trust,
	42,248,462	Series 2007-NS1-A3		0.73%	#		01/25/2037		38,591,101
		Springleaf Mortgage Loan Trust,
	118,132,750	Series 2013-1A-B3F		6.00%	#^		06/25/2058		119,379,866
	61,983,000	Series 2013-2A-B1		6.00%	#^		12/25/2065		62,788,035
		STARM Mortgage Loan Trust,
	19,431,341	Series 2007-2-1A1		3.04%	#		04/25/2037		16,306,692
	10,078,386	Series 2007-3-1A1		3.14%	#		06/25/2037		8,992,753
		Structured Adjustable Rate Mortgage Loan Trust,
	8,578,381	Series 2004-12-8A		2.95%	#		09/25/2034		8,419,470
	3,587,887	Series 2006-1-8A1		3.04%	#		02/25/2036		2,592,161
	6,292,200	Series 2006-6-3A1		3.03%	#		07/25/2036		5,039,691
		Structured Asset Securities Corporation,
	45,669	Series 2003-18XS-A6		4.54%	#		06/25/2033		45,706
	3,491,957	Series 2003-24A-1A3		2.86%	#		07/25/2033		3,431,547
	8,557,087	Series 2003-35-1A1		5.15%	#		12/25/2033		8,802,824
	2,428,160	Series 2004-11XS-2A2		5.40%	#		06/25/2034		2,910,927
	1,358,722	Series 2004-15-2A1		4.75%			09/25/2019		1,370,742
	6,809,693	Series 2004-22-A2		5.04%	#		01/25/2035		7,063,484
	22,591,387	Series 2005-10-1A1		5.75%			06/25/2035		21,435,329
	2,163,356	Series 2005-10-6A1		5.00%			06/25/2020		2,200,670
	5,971,910	Series 2005-13-3A1		6.00%			09/25/2035		4,838,372
	1,861,638	Series 2005-14-1A1		0.83%	#		07/25/2035		1,546,883
	753,490	Series 2005-14-1A4		22.18%	# I/F		07/25/2035		1,075,266
	37,286,425	Series 2005-14-4A1		5.75%			07/25/2035		37,362,802
	3,575,797	Series 2005-15-1A1		5.50%			08/25/2035		3,752,305
	6,812,212	Series 2005-15-2A7		5.50%			08/25/2035		6,740,303
	10,358,313	Series 2005-15-3A1		4.74%	#		08/25/2035		10,041,347
	7,068,791	Series 2005-16-1A2		5.50%			09/25/2035		7,036,117
	7,961,941	Series 2005-3-1A6		5.75%			03/25/2035		7,409,647
	1,773,562	Series 2005-6-4A1		5.00%			05/25/2035		1,799,203
	64,954,634	Series 2006-BC4-A4		0.70%	#		12/25/2036		57,137,578
	130,538,233	Series 2007-4-1A3		5.73%	#^ I/F I/O		03/28/2045		23,902,151

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Suntrust Alternative Loan Trust,
	1,070,473	Series 2005-1F-2A3		5.75%			12/25/2035		1,022,258
	1,617,059	Series 2006-1F-1A3		6.00%			04/25/2036		1,490,771
		Thornburg Mortgage Securities Trust,
	919,758	Series 2003-6-A2		1.53%	#		12/25/2033		845,545
	7,939,272	Series 2004-4-5A		2.60%	#		12/25/2044		7,583,732
	21,742,261	Series 2007-1-A1		2.41%	#		03/25/2037		20,824,907
	5,615,621	Series 2007-1-A2A		2.38%	#		03/25/2037		5,030,874
		Towd Point Mortgage Trust,
	15,749,846	Series 2015-1-AE		3.00%	^		10/25/2053		16,079,636
	14,316,113	Series 2015-1-AES		3.00%	^		10/25/2053		14,571,222
	9,566,457	Series 2015-2-1A12		2.75%	#^		11/25/2060		9,710,050
	25,489,311	Series 2015-2-1A13		2.50%	#^		11/25/2060		25,662,710
	77,676,133	Series 2015-5-A1B		2.75%	#^		05/25/2055		78,717,117
	91,032,058	Series 2015-6-A1B		2.75%	#^		04/25/2055		92,346,497
		US Residential Opportunity Fund Trust,
	49,944,672	Series 2016-1II-A		3.47%	#^		07/27/2036		49,989,182
	70,830,024	Series 2016-1III-A		3.47%	#^		07/27/2036		71,145,473
		Vericrest Opportunity Loan Trust,
	61,562,133	Series 2016-NPL3		4.25%	#^		03/26/2046		62,469,651
		VOLT LLC,
	27,477,023	Series 2015-NPL5-A1		3.50%	#^		03/25/2055		27,560,690
	167,507,307	Series 2016-NPL1-A1		4.25%	#^		02/26/2046		169,444,931
	55,623,319	Series 2016-NPL7-A1		3.75%	#^		06/25/2046		55,958,238
	57,853,667	Series 2016-NPL8-A1		3.50%	#^		07/25/2046		58,036,380
		Washington Mutual Mortgage Pass-Through Certificates,
	8,932,447	Series 2005-1-2A		6.00%			03/25/2035		8,234,804
	3,533,517	Series 2005-4-5A1		5.50%			06/25/2035		3,275,899
	1,392,521	Series 2005-5-CB12		44.82%	# I/F		07/25/2035		2,956,621
	4,509,324	Series 2005-5-CB6		1.13%	#		07/25/2035		3,669,707
	1,372,059	Series 2005-6-2A7		5.50%			08/25/2035		1,257,300
	1,704,735	Series 2005-7-2CB6		44.27%	# I/F		08/25/2035		3,478,276
	18,752,081	Series 2005-7-2CB7		1.98%	#		08/25/2035		16,648,587
	1,719,775	Series 2005-7-3CB		6.50%			08/25/2035		1,394,348
	17,809,609	Series 2005-8-1A2		5.50%			10/25/2035		16,629,974
	13,907,941	Series 2005-9-2A2		5.50%			11/25/2035		12,842,733
	3,658,705	Series 2005-9-CX		5.50%	I/O		11/25/2035		868,691
	5,378,629	Series 2006-1-3A1		5.75%			02/25/2036		4,988,542
	2,723,525	Series 2006-1-3A2		5.75%			02/25/2036		2,526,000
	2,313,275	Series 2006-1-3A7		5.75%			02/25/2036		2,145,504
	3,384,194	Series 2006-5-1A8		5.75%			07/25/2036		2,890,419
	6,391,126	Series 2006-5-2CB1		6.00%			07/25/2036		5,253,765
	11,608,974	Series 2006-5-2CB6		6.00%			07/25/2036		9,413,918
	7,854,567	Series 2006-5-3A5		6.45%	#		07/25/2036		3,636,288
	4,671,778	Series 2006-9-A7		4.94%	#		10/25/2036		2,667,331
	14,241,440	Series 2006-AR10-1A1		2.79%	#		09/25/2036		12,964,003
	22,163,332	Series 2006-AR15-1A		1.35%	#		11/25/2046		17,589,851
	1,707,620	Series 2006-AR6-2A3		2.78%	#		08/25/2036		1,530,430
	17,720,873	Series 2007-2-1A2		6.00%			04/25/2037		15,011,141
	18,126,387	Series 2007-2-1A6		6.00%			04/25/2037		15,354,646
	9,603,192	Series 2007-3-A2		6.00%			04/25/2037		9,018,742
	12,960,181	Series 2007-3-A3		6.00%			04/25/2037		12,171,424
	10,120,352	Series 2007-4-1A1		5.50%			06/25/2037		9,507,531
	576,486	Series 2007-5-A11		36.33%	# I/F		06/25/2037		1,415,618
	14,412,146	Series 2007-5-A6		6.00%			06/25/2037		13,702,835
	25,153,947	Series 2007-HY3-4A1		2.77%	#		03/25/2037		23,873,163
	25,750,447	Series 2007-HY5-1A1		2.41%	#		05/25/2037		22,438,386
	21,560,338	Series 2007-HY6-2A3		2.56%	#		06/25/2037		19,521,286
		Wells Fargo Alternative Loan Trust,
	2,463,170	Series 2007-PA1-A10		6.00%			03/25/2037		2,089,374
	10,815,237	Series 2007-PA1-A3		6.00%			03/25/2037		9,173,979
	9,325,100	Series 2007-PA1-A5		6.00%			03/25/2037		7,909,977
	15,283,372	Series 2007-PA1-A6		6.00%			03/25/2037		12,964,056
	70,966,541	Series 2007-PA2-1A1		6.00%			06/25/2037		70,806,547
	10,545,660	Series 2007-PA2-3A1		0.88%	#		06/25/2037		7,280,716
	15,535,390	Series 2007-PA2-3A2		6.12%	# I/F I/O		06/25/2037		4,204,745
	995,491	Series 2007-PA3-1A4		5.75%			07/25/2037		889,166
	24,039,810	Series 2007-PA3-2A1		6.00%			07/25/2037		22,532,011
	9,551,171	Series 2007-PA3-2A4		6.00%			07/25/2037		8,952,113
	16,423,068	Series 2007-PA3-3A1		6.25%			07/25/2037		14,964,843
	9,077,232	Series 2007-PA3-4A3		6.50%			07/25/2037		7,519,895
	124,337,386	Series 2007-PA5-1A1		6.25%			11/25/2037		119,834,234

30 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Alternative Loan Trust, (Cont.)
	259,097	Series 2007-PA5-2A1		6.00%			11/25/2022		261,707
	10,581,995	Series 2007-PA6-A1		3.08%	#		12/28/2037		9,283,179
		Wells Fargo Mortgage Backed Securities Trust,
	17,771,949	Series 2004-Y-3A3		2.84%	#		11/25/2034		18,099,462
	28,987,883	Series 2005-17-1A1		5.50%			01/25/2036		28,484,775
	60,260	Series 2005-4-A7		21.80%	# I/F		04/25/2035		70,824
	2,728,891	Series 2005-8-A1		5.50%			10/25/2035		2,821,683
	2,515,198	Series 2005- AR16-6A4		3.07%	#		10/25/2035		2,422,876
	6,053,174	Series 2006-12-A3		6.00%			10/25/2036		5,906,577
	7,236,889	Series 2006-14-A1		6.00%			10/25/2036		7,164,531
	8,807,595	Series 2006-15-A1		6.00%			11/25/2036		8,809,313
	106,104	Series 2006-2-1A4		17.94%	# I/F		03/25/2036		126,298
	5,015,955	Series 2006-2-3A1		5.75%			03/25/2036		5,086,194
	21,807,851	Series 2006-3-A11		5.50%			03/25/2036		22,213,429
	4,945,055	Series 2006-3-A6		5.50%			03/25/2036		4,968,777
	341,409	Series 2006-4-2A2		5.50%			04/25/2036		320,639
	3,912,809	Series 2006-6-2A1		0.93%	#		05/25/2036		3,230,530
	3,912,809	Series 2006-6-2A2		6.57%	# I/F I/O		05/25/2036		995,737
	2,646,990	Series 2006-9-2A1		0.00%	P/O		08/25/2036		1,450,681
	2,646,990	Series 2006-9-2A2		6.00%	I/O		08/25/2036		652,146
	11,470,402	Series 2006- AR12-1A1		3.23%	#		09/25/2036		10,841,834
	6,451,132	Series 2006-AR13-A2		3.00%	#		09/25/2036		6,004,762
	6,812,577	Series 2006-AR4-2A1		3.20%	#		04/25/2036		6,267,142
	2,142,450	Series 2007-10-1A18		6.00%			07/25/2037		2,136,598
	4,132,540	Series 2007-10-2A11		6.00%			07/25/2037		3,975,186
	2,290,104	Series 2007-11-A14		6.00%			08/25/2037		2,280,231
	4,570,810	Series 2007-11-A36		6.00%			08/25/2037		4,551,104
	3,248,333	Series 2007-11-A96		6.00%			08/25/2037		3,234,328
	39,083,791	Series 2007-14-1A1		6.00%			10/25/2037		38,516,329
	23,100,967	Series 2007-2-1A1		6.00%			03/25/2037		22,736,928
	1,336,924	Series 2007-2-1A18		5.75%			03/25/2037		1,305,550
	3,011,107	Series 2007-2-1A9		6.00%			03/25/2037		2,963,656
	941,991	Series 2007-2-3A2		5.25%			03/25/2037		964,588
	2,508,313	Series 2007-3-1A3		6.00%			04/25/2037		2,511,202
	2,412,865	Series 2007-4-A11		6.50%			04/25/2037		2,416,678
	9,268,642	Series 2007-4-A15		6.00%			04/25/2037		9,135,449
	5,467,065	Series 2007-4-A3		6.00%			04/25/2037		5,391,669
	5,765,753	Series 2007-4-A8		6.00%			04/25/2037		5,682,897
	6,575,990	Series 2007-6-A4		6.00%			05/25/2037		6,513,478
	3,142,328	Series 2007-6-A6		6.00%			05/25/2037		3,112,457
	10,225,858	Series 2007-7-A1		6.00%			06/25/2037		10,093,226
	711,188	Series 2007-7-A32		5.75%			06/25/2037		696,431
	23,027,879	Series 2007-7-A34		6.00%			06/25/2037		22,729,202
	6,221,181	Series 2007-7-A36		6.00%			06/25/2037		6,140,491
	2,121,129	Series 2007-7-A43		1.03%	#		06/25/2037		1,755,847
	5,794,880	Series 2007-7-A49		6.00%			06/25/2037		5,719,720
	2,453,246	Series 2007-7-A8		1.03%	#		06/25/2037		2,030,769
	1,106,702	Series 2007-7-A9		35.85%	# I/F		06/25/2037		1,799,650
	1,689,266	Series 2007-8-1A13		0.90%	#		07/25/2037		1,464,751
	1,689,266	Series 2007-8-1A14		36.63%	# I/F		07/25/2037		2,835,032
	27,450,576	Series 2007-8-1A16		6.00%			07/25/2037		27,347,631
	18,317,347	Series 2007-8-1A2		6.00%			07/25/2037		18,248,653
	2,589,541	Series 2007-8-1A20		6.00%			07/25/2037		2,579,830
	23,135,847	Series 2007-8-1A22		6.00%			07/25/2037		23,049,092
	8,052,156	Series 2007-8-1A3		6.00%			07/25/2037		8,021,961
	10,183,025	Series 2007-8-2A9		6.00%			07/25/2037		10,352,662
	57,706,997	Series 2007-AR9-A1		6.00%	#		12/28/2037		55,761,752
		WinWater Mortgage Loan Trust,
	30,518,829	Series 2015-4-A5		3.50%	#^		06/20/2045		30,927,128
	170,415,011	Series 2015-5-A3		3.50%	#^		08/20/2045		176,918,832
	28,709,177	Series 2016-1-1A5		3.50%	#^		01/20/2046		29,438,014
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $12,664,706,439)							12,700,399,440
	US GOVERNMENT AND AGENCY OBLIGATIONS 3.5%
	59,900,000	Tennessee Valley Authority		4.25%			09/15/2065		71,657,109
	1,325,000,000	United States Treasury Notes		1.63%			11/15/2022		1,347,669,425
	700,000,000	United States Treasury Notes		2.00%			02/15/2023		727,453,300
		Total US Government and Agency Obligations (Cost $2,066,907,589)							2,146,779,834

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 48.9%
		Federal Home Loan Mortgage Corporation,
	12,047,858	Pool C03490		4.50%			08/01/2040		13,224,312
	68,995,379	Pool C91388		3.50%			02/01/2032		73,640,473
	36,305,543	Pool C91403		3.50%			03/01/2032		38,746,095
	35,632,410	Pool C91413		3.50%			12/01/2031		38,029,876
	17,857,939	Pool C91417		3.50%			01/01/2032		19,056,835
	72,853,379	Pool C91447		3.50%			05/01/2032		77,771,823
	79,653,889	Pool C91594		3.00%			01/01/2033		83,855,765
	23,778,934	Pool C91596		3.00%			02/01/2033		25,032,533
	12,341,039	Pool D98901		3.50%			01/01/2032		13,173,104
	35,299,154	Pool D98923		3.50%			01/01/2032		37,679,650
	30,442,303	Pool D99724		3.00%			11/01/2032		32,045,598
	30,341,659	Pool G01840		5.00%			07/01/2035		33,985,045
	6,400,324	Pool G04817		5.00%			09/01/2038		7,090,652
	16,049,293	Pool G06172		5.50%			12/01/2038		18,169,327
	22,814,667	Pool G06954		6.00%			05/01/2040		26,137,015
	32,979,594	Pool G07011		6.00%			05/01/2040		37,829,742
	28,207,680	Pool G07801		4.00%			10/01/2044		30,541,884
	55,515,128	Pool G07862		4.00%			01/01/2044		60,117,604
	62,980,735	Pool G07905		4.00%			01/01/2042		67,886,733
	92,736,218	Pool G08534		3.00%			06/01/2043		96,585,125
	29,708,740	Pool G08537		3.00%			07/01/2043		30,934,876
	76,621,707	Pool G08614		3.00%			11/01/2044		79,734,546
	88,349,562	Pool G08619		3.00%			12/01/2044		91,938,857
	117,941,053	Pool G08622		3.00%			01/01/2045		122,732,534
	222,761,760	Pool G08626		3.00%			02/01/2045		231,811,695
	118,814,197	Pool G08631		3.00%			03/01/2045		123,641,151
	300,564,648	Pool G08635		3.00%			04/01/2045		312,775,408
	88,269,101	Pool G08640		3.00%			05/01/2045		91,855,128
	454,376,922	Pool G08648		3.00%			06/01/2045		472,836,471
	88,051,740	Pool G08653		3.00%			07/01/2045		91,628,936
	48,250,301	Pool G08658		3.00%			08/01/2045		50,210,521
	58,955,155	Pool G08670		3.00%			10/01/2045		61,350,272
	682,484,738	Pool G08675		3.00%			11/01/2045		710,211,410
	298,157,120	Pool G08680		3.00%			12/01/2045		310,270,072
	204,791,995	Pool G08686		3.00%			01/01/2046		213,111,889
	270,401,333	Pool G08692		3.00%			02/01/2046		281,386,676
	547,718,240	Pool G08697		3.00%			03/01/2046		569,969,879
	728,007,333	Pool G08705		3.00%			05/01/2046		757,583,410
	317,088,898	Pool G08721		3.00%			09/01/2046		329,970,974
	76,724,997	Pool G60251		3.50%			10/01/2045		81,970,638
	273,494,831	Pool G60393		3.50%			01/01/2046		291,251,177
	128,369,541	Pool J22834		2.50%			03/01/2028		133,186,044
	134,737,800	Pool Q16672		3.00%			03/01/2043		140,362,725
	8,624,195	Pool Q23595		4.00%			12/01/2043		9,405,092
	11,667,090	Pool Q24052		4.00%			01/01/2044		12,723,540
	9,987,336	Pool Q24172		4.00%			01/01/2044		10,890,462
	8,290,028	Pool Q24979		4.00%			02/01/2044		9,038,159
	66,509,189	Pool Q31596		3.50%			02/01/2045		70,207,277
	23,222,676	Pool Q32861		3.50%			04/01/2045		24,690,292
	63,722,326	Pool Q32921		3.50%			04/01/2045		67,283,217
	36,334,978	Pool Q39502		3.50%			03/01/2046		38,683,607
	9,778,528	Pool T60392		4.00%			10/01/2041		10,249,692
	9,466,543	Pool T60681		4.00%			05/01/2042		9,934,025
	26,552,189	Pool T60782		3.50%			07/01/2042		27,614,080
	46,718,468	Pool T60853		3.50%			09/01/2042		48,597,433
	39,022,075	Pool T60854		3.50%			09/01/2042		40,582,169
	4,387,553	Pool T65110		3.50%			10/01/2042		4,563,353
	9,500,225	Pool T69016		5.00%			06/01/2041		10,254,921
	31,941,165	Pool T69050		3.50%			05/01/2046		33,222,168
	821,305	Pool U60299		4.00%			11/01/2040		888,737
	180,165,972	Pool V81821		3.00%			08/01/2045		188,367,495
	47,725,437	Pool V82117		3.00%			12/01/2045		49,809,862
	55,933,254	Pool V8-2209		3.50%			02/01/2046		59,548,746
	82,813,830	Series 2015-SC02-1A		3.00%			09/25/2045		84,293,283
	11,891,000	Series 2016-K54-B		4.19%	#^		02/25/2026		12,116,424
	55,300,957	Series 2016-SC01-1A		3.00%			07/25/2046		56,598,257
	2,225,694	Series 2519-ZD		5.50%			11/15/2032		2,489,183
	1,381,505	Series 2596-ZL		5.00%			04/15/2033		1,541,643
	61,430,779	Series 267-30		3.00%			08/15/2042		63,601,909
	732,577	Series 2684-ZN		4.00%			10/15/2033		788,434
	117,715,201	Series 269-30		3.00%			08/15/2042		121,918,091
	50,886,376	Series 274-30		3.00%			08/15/2042		52,686,461

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 31

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	4,629,719	Series 2750-ZT		5.00%			02/15/2034		5,166,681
	143,442,756	Series 280-30		3.00%			09/15/2042		148,793,690
	20,256,245	Series 2819-MS		5.95%	# I/F I/O		06/15/2040		2,942,596
	11,788,823	Series 2825-PZ		5.50%			07/15/2034		13,199,269
	34,406,594	Series 284-300		3.00%			10/15/2042		35,741,821
	7,449,589	Series 2898-JZ		5.00%			12/15/2034		8,373,666
	15,691,111	Series 2899-AZ		5.00%			12/15/2034		17,513,448
	12,065,605	Series 2909-Z		5.00%			12/15/2034		13,479,523
	21,644,409	Series 2932-Z		5.00%			02/15/2035		24,145,342
	2,123,908	Series 2990-JL		6.13%	# I/F I/O		03/15/2035		234,620
	7,249,773	Series 3002-SN		5.98%	# I/F I/O		07/15/2035		1,569,097
	4,871,910	Series 3030-SL		5.58%	# I/F I/O		09/15/2035		866,534
	1,490,110	Series 3045-DI		6.21%	# I/F I/O		10/15/2035		269,430
	11,967,279	Series 3116-Z		5.50%			02/15/2036		13,665,948
	1,978,247	Series 3117-ZN		4.50%			02/15/2036		2,136,978
	6,416,608	Series 3174-PZ		5.00%			01/15/2036		7,139,074
	1,460,993	Series 3187-JZ		5.00%			07/15/2036		1,635,907
	3,888,004	Series 3188-ZK		5.00%			07/15/2036		4,335,126
	5,873,645	Series 3203-SE		5.98%	# I/F I/O		08/15/2036		1,032,008
	9,151,900	Series 3203-Z		5.00%			07/15/2036		10,199,157
	14,501,250	Series 3203-ZC		5.00%			07/15/2036		16,160,636
	6,925,260	Series 3261-SA		5.91%	# I/F I/O		01/15/2037		1,323,509
	3,997,882	Series 3267-BA		5.80%			11/15/2036		4,261,880
	9,093,130	Series 3275-SC		5.56%	# I/F I/O		02/15/2037		1,377,246
	5,043,920	Series 3315-HZ		6.00%			05/15/2037		5,397,676
	13,944,758	Series 3326-GS		6.13%	# I/F I/O		06/15/2037		1,822,743
	1,562,190	Series 3351-ZC		5.50%			07/15/2037		1,779,682
	15,382,291	Series 3355-BI		5.53%	# I/F I/O		08/15/2037		2,950,706
	1,301,521	Series 3369-Z		6.00%			09/15/2037		1,430,798
	3,898,529	Series 3405-ZG		5.50%			01/15/2038		4,339,627
	6,391,008	Series 3417-SI		5.66%	# I/F I/O		02/15/2038		885,298
	7,922,394	Series 3423-GS		5.13%	# I/F I/O		03/15/2038		974,747
	1,300,941	Series 3423-SG		5.13%	# I/F I/O		03/15/2038		148,645
	1,840,206	Series 3451-S		5.51%	# I/F I/O		02/15/2037		217,206
	1,854,621	Series 3455-SC		5.54%	# I/F I/O		06/15/2038		261,412
	1,049,338	Series 3473-SM		5.55%	# I/F I/O		07/15/2038		117,651
	7,779,717	Series 3484-SE		5.33%	# I/F I/O		08/15/2038		1,194,965
	7,604,742	Series 3519-SD		5.03%	# I/F I/O		02/15/2038		1,187,084
	2,816,466	Series 3524-LB		3.98%	#		06/15/2038		2,838,984
	207,953	Series 3530-GZ		4.50%			05/15/2039		218,621
	10,742,664	Series 3541-EI		6.23%	# I/F I/O		06/15/2039		1,942,276
	2,687,217	Series 3545-SA		5.63%	# I/F I/O		06/15/2039		357,230
	1,117,877	Series 3549-SA		5.28%	# I/F I/O		07/15/2039		143,686
	12,115,832	Series 3577-LS		6.68%	# I/F I/O		08/15/2035		2,211,723
	3,058,220	Series 3582-SA		5.48%	# I/F I/O		10/15/2049		429,801
	3,695,550	Series 3583-GB		4.50%			10/15/2039		4,046,015
	26,221,023	Series 3606-CS		5.83%	# I/F I/O		12/15/2039		5,309,705
	6,845,918	Series 3616-SG		5.83%	# I/F I/O		03/15/2032		1,318,517
	10,304,121	Series 3626-AZ		5.50%			08/15/2036		11,418,893
	1,507,257	Series 3631-SE		5.88%	# I/F I/O		05/15/2039		51,940
	14,223,071	Series 3641-Z		5.50%			02/15/2036		15,968,310
	14,713,868	Series 3654-ZB		5.50%			11/15/2037		16,234,933
	32,387,909	Series 3666-VZ		5.50%			08/15/2036		36,087,069
	3,778,181	Series 3667-SB		5.93%	# I/F I/O		05/15/2040		620,052
	12,384,607	Series 3702-SG		5.53%	# I/F I/O		08/15/2032		2,252,387
	4,367,802	Series 3704-EI		5.00%	I/O		12/15/2036		749,177
	3,741,293	Series 3712-SG		22.38%	# I/F		08/15/2040		6,156,860
	8,415,918	Series 3724-CM		5.50%			06/15/2037		9,509,120
	87,020,816	Series 3725-CS		5.48%	# I/F I/O		05/15/2040		11,902,551
	27,174,256	Series 3726-SA		5.53%	# I/F I/O		09/15/2040		4,455,189
	90,082,783	Series 3738-BP		4.00%			12/15/2038		93,528,458
	3,449,781	Series 3741-SC		8.95%	# I/F		10/15/2040		3,713,981
	22,924,631	Series 3752-BS		8.95%	# I/F		11/15/2040		25,915,949
	15,987,535	Series 3768-ZX		5.00%			12/15/2040		19,123,779
	9,839,938	Series 3771-AL		4.00%			12/15/2030		10,527,949
	18,761,630	Series 3779-BY		3.50%			12/15/2030		20,306,782
	28,890,974	Series 3779-DZ		4.50%			12/15/2040		32,235,376
	24,250,000	Series 3779-LB		4.00%			12/15/2030		26,237,743
	560,722	Series 3779-SH		8.75%	# I/F		12/15/2040		562,362
	3,500,000	Series 3779-YA		3.50%			12/15/2030		3,817,432
	15,000,000	Series 3783-AC		4.00%			01/15/2031		16,648,266
	10,662,133	Series 3786-SG		8.45%	# I/F		01/15/2041		11,977,839
	11,731,674	Series 3788-AY		3.50%			01/15/2031		12,536,672
	7,668,768	Series 3790-Z		4.00%			01/15/2041		8,196,916

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	12,539,389	Series 3795-VZ		4.00%			01/15/2041		13,870,488
	586,608	Series 3798-SD		8.55%	# I/F		12/15/2040		599,122
	19,959,046	Series 3800-VZ		4.50%			02/15/2041		23,609,756
	13,555,038	Series 3803-ZM		4.00%			02/15/2041		14,185,163
	65,597,943	Series 3806-CZ		5.50%			07/15/2034		74,078,170
	18,000,000	Series 3808-DB		3.50%			02/15/2031		19,096,312
	15,277,557	Series 3812-EY		3.50%			02/15/2031		16,261,594
	8,798,705	Series 3818-CZ		4.50%			03/15/2041		9,720,826
	16,794,883	Series 3819-ZU		5.50%			07/15/2034		18,780,512
	35,500,000	Series 3824-EY		3.50%			03/15/2031		38,456,128
	3,350,433	Series 3828-SW		11.63%	# I/F		02/15/2041		4,799,961
	16,193,072	Series 3829-VZ		4.00%			03/15/2041		17,468,445
	6,551,595	Series 3843-PZ		5.00%			04/15/2041		8,152,032
	212,856	Series 3845-LS		11.78%	# I/F		03/15/2041		211,804
	49,456,580	Series 3863-ZA		5.50%			08/15/2034		55,091,623
	10,229,000	Series 3870-PB		4.50%			06/15/2041		11,327,382
	76,808,408	Series 3871-LZ		5.50%			06/15/2041		89,269,358
	23,851,736	Series 3872-BA		4.00%			06/15/2041		25,122,313	��
	19,371,528	Series 3877-EY		4.50%			06/15/2041		21,029,161
	10,508,206	Series 3877-GY		4.50%			06/15/2041		11,354,444
	48,972,954	Series 3877-ZU		4.50%			06/15/2041		51,891,174
	32,572,479	Series 3888-ZG		4.00%			07/15/2041		35,292,916
	20,179,230	Series 3888-ZU		4.50%			06/15/2041		23,735,222
	10,321,723	Series 3900-SB		5.45%	# I/F I/O		07/15/2041		1,415,763
	43,550,800	Series 3901-VZ		4.00%			07/15/2041		47,511,458
	23,196,708	Series 3910-GZ		5.00%			08/15/2041		28,783,278
	10,309,648	Series 3910-ZE		5.00%			10/15/2034		11,507,616
	12,330,000	Series 3919-KL		4.50%			09/15/2041		13,459,862
	29,444,509	Series 3919-ZJ		4.00%			09/15/2041		32,251,719
	5,404,832	Series 3942-JZ		4.00%			10/15/2041		5,648,214
	12,169,401	Series 3944-AZ		4.00%			10/15/2041		12,669,059
	6,730,477	Series 3946-SM		13.13%	# I/F		10/15/2041		7,103,766
	8,288,182	Series 3957-DZ		3.50%			11/15/2041		8,646,198
	10,000,000	Series 3964-VM		4.00%			11/15/2034		10,850,263
	47,435,245	Series 3969-AB		4.00%			10/15/2033		50,507,464
	11,771,492	Series 3982-AZ		3.50%			01/15/2042		12,595,976
	59,144,685	Series 3990-ZA		3.50%			01/15/2042		63,852,094
	18,012,729	Series 3999-EZ		4.00%			02/15/2042		19,416,518
	50,435,640	Series 3999-ZB		4.00%			02/15/2042		55,582,345
	28,596,922	Series 4016-KZ		4.00%			03/15/2042		32,962,253
	22,911,966	Series 4050-BC		2.00%			05/15/2041		23,053,791
	71,098,189	Series 4057-ZA		4.00%			06/15/2042		80,498,635
	70,838,361	Series 4084-TZ		4.00%			07/15/2042		80,978,674
	11,189,560	Series 4097-TG		2.00%			05/15/2039		11,302,663
	39,729,367	Series 4097-ZA		3.50%			08/15/2042		43,397,000
	97,063,000	Series 4109-GE		4.50%			10/15/2041		108,993,402
	23,569,547	Series 4109-KD		3.00%			05/15/2032		23,867,025
	5,252,900	Series 4121-AV		3.00%			12/15/2035		5,508,496
	64,537,135	Series 4160-HP		2.50%			01/15/2033		66,799,787
	28,324,903	Series 4162-ZJ		3.00%			02/15/2033		28,246,273
	5,964,711	Series 4165-ZT		3.00%			02/15/2043		5,837,305
	40,747,006	Series 4174-Z		3.50%			03/15/2043		45,182,701
	101,547,223	Series 4179-AZ		4.00%			01/15/2041		117,082,120
	29,968,800	Series 4183-ZB		3.00%			03/15/2043		29,810,292
	21,363,197	Series 4186-ZJ		3.00%			03/15/2033		21,624,516
	13,000,000	Series 4189-ML		3.00%			04/15/2038		13,469,013
	189,585,546	Series 4212-US		4.77%	# I/F		06/15/2043		188,612,347
	14,871,178	Series 4215-KC		2.25%			03/15/2038		15,104,236
	82,977,312	Series 4223-US		4.80%	# I/F		07/15/2043		83,394,729
	22,695,991	Series 4223-ZV		4.00%			07/15/2043		26,006,269
	28,087,893	Series 4229-TZ		3.00%			06/15/2043		27,921,810
	28,369,989	Series 4229-ZA		4.00%			07/15/2043		32,362,276
	22,577,785	Series 4249-CS		4.26%	# I/F		09/15/2043		23,013,114
	20,882,820	Series 4250-BZ		3.00%			09/15/2033		21,320,908
	20,978,032	Series 4267-BZ		4.00%			10/15/2040		23,017,264
	92,929,424	Series 4323-GA		3.00%			06/15/2040		95,900,749
	17,504,168	Series 4355-ZX		4.00%			05/15/2044		20,231,402
	37,301,061	Series 4360-KA		3.00%			05/15/2040		38,819,524
	61,309,076	Series 4375-CG		3.00%			04/15/2039		63,656,742
	14,369,554	Series 4376-GZ		3.00%			08/15/2044		14,822,733
	45,684,287	Series 4377-LZ		3.00%			08/15/2044		46,983,238
	55,552,872	Series 4377-UZ		3.00%			08/15/2044		55,145,658
	8,743,618	Series 4379-KA		3.00%			08/15/2044		9,104,381
	29,366,506	Series 4384-A		3.00%			12/15/2040		30,423,607

32 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	24,971,790	Series 4384-ZY		3.00%			09/15/2044		25,433,613
	4,740,538	Series 4386-US		7.22%	# I/F		09/15/2044		4,717,291
	251,300,622	Series 4390-NY		3.00%			06/15/2040		260,578,439
	126,561,439	Series 4390-NZ		3.00%			09/15/2044		130,482,414
	65,747,155	Series 4391-MA		3.00%			07/15/2040		68,328,651
	87,814,569	Series 4408-PB		3.00%			04/15/2044		90,311,823
	13,005,133	Series 4419-TB		3.00%			02/15/2040		13,109,657
	124,044,978	Series 4427-CE		3.00%			02/15/2034		129,347,057
	76,098,411	Series 4427-MA		3.00%			02/15/2034		79,300,130
	44,990,163	Series 4427-PS		5.08%	# I/F I/O		07/15/2044		6,828,868
	63,093,041	Series 4429-HA		3.00%			04/15/2034		65,578,724
	24,117,433	Series 4434-LZ		3.00%			02/15/2045		23,892,246
	17,723,325	Series 4438-B		3.00%			10/15/2043		18,331,926
	9,017,823	Series 4441-VZ		3.00%			02/15/2045		9,212,403
	68,161,706	Series 4444-CH		3.00%			01/15/2041		70,701,179
	26,214,601	Series 4444-CZ		3.00%			02/15/2045		26,730,263
	65,990,555	Series 4447-A		3.00%			06/15/2041		68,597,769
	24,419,804	Series 4447-YZ		4.00%			08/15/2043		27,795,885
	7,844,768	Series 4450-JZ		3.00%			03/15/2045		7,890,662
	6,822,082	Series 4461-LZ		3.00%			03/15/2045		6,948,393
	8,046,398	Series 4462-ZA		3.00%			04/15/2045		8,163,391
	46,951,232	Series 4463-ZC		3.00%			04/15/2045		48,484,106
	26,084,018	Series 4467-ZA		3.00%			04/15/2045		26,775,573
	196,321,244	Series 4471-BA		3.00%			12/15/2041		202,459,326
	170,712,211	Series 4471-BC		3.00%			12/15/2041		178,083,359
	149,739,706	Series 4471-GA		3.00%			02/15/2044		155,373,692
	68,927,273	Series 4481-B		3.00%			12/15/2042		71,196,855
	277,107,848	Series 4483-CA		3.00%			06/15/2044		289,430,058
	165,651,981	Series 4483-PA		2.50%			06/15/2045		169,469,613
	15,572,451	Series 4484-ZL		3.00%			06/15/2045		15,928,763
	8,332,933	Series 4492-GZ		3.50%			07/15/2045		8,860,091
	50,121,203	Series 4498-PD		2.50%			08/15/2042		50,828,253
	39,582,691	Series 4499-AB		3.00%			06/15/2042		40,851,705
	69,336,306	Series 4504-CA		3.00%			04/15/2044		72,408,251
	44,116,486	Series 4511-QA		3.00%			01/15/2041		45,330,858
	34,726,837	Series 4511-QC		3.00%			12/15/2040		35,771,150
	80,007,974	Series 4527-CA		3.00%			02/15/2044		83,285,037
	195,534,315	Series 4527-GA		3.00%			02/15/2044		203,970,408
	186,170,789	Series 4533-AB		3.00%			06/15/2044		191,682,115
	160,507,881	Series 4543-HG		2.70%			04/15/2044		164,127,430
	262,500,757	Series 4573-CA		3.00%			11/15/2044		274,331,561
	90,348,509	Series 4573-DA		3.00%			03/15/2045		94,416,613
	189,351,120	Series 4582-HA		3.00%			09/15/2045		197,026,695
	93,735,368	Series 4588-DA		3.00%			02/15/2044		96,577,105
	102,333,192	Series R003-ZA		5.50%			10/15/2035		117,773,572
		Federal Home Loan Mortgage Corporation Pass-Thru,
	286,061,335	Pool Z40117		3.00%			04/01/2045		297,621,020
	6,583,000	Series K054-A2		2.75%			01/25/2026		6,955,783
		Federal National Mortgage Association,
	197,822,573	Pool AS7661		3.00%			08/01/2046		203,080,064
	189,593,528	Pool MA2621		3.50%			05/01/2046		196,695,438
	138,099,951	Pool MA2649		3.00%			06/01/2046		141,698,446
	152,473,536	Pool MA2737		3.00%			09/01/2046		158,715,056
	1,255,279	Series 2002-70-QZ		5.50%			11/25/2032		1,399,550
	1,986,896	Series 2002-75-ZG		5.50%			11/25/2032		2,256,530
	1,123,750	Series 2003-117-KS		6.57%	# I/F I/O		08/25/2033		46,450
	24,701,476	Series 2003-129-ZT		5.50%			01/25/2034		28,591,400
	4,982,811	Series 2003-29-ZL		5.00%			04/25/2033		5,552,750
	2,524,734	Series 2003-64-ZG		5.50%			07/25/2033		2,803,616
	21,507,141	Series 2003-84-PZ		5.00%			09/25/2033		23,965,868
	16,426,021	Series 2003-W17-1A7		5.75%			08/25/2033		18,733,371
	5,653,542	Series 2004-46-PJ		5.47%	# I/F I/O		03/25/2034		801,376
	4,507,181	Series 2004-51-XP		7.17%	# I/F I/O		07/25/2034		924,216
	5,000,000	Series 2004-W10-A6		5.75%			08/25/2034		5,795,808
	2,100,475	Series 2004-W4-A5		5.50%			06/25/2034		2,197,651
	388,078	Series 2005-107-EG		4.50%			01/25/2026		421,862
	1,195,765	Series 2005-37-ZK		4.50%			05/25/2035		1,292,062
	11,202,741	Series 2005-87-SE		5.52%	# I/F I/O		10/25/2035		2,121,159
	9,110,663	Series 2005-87-SG		6.17%	# I/F I/O		10/25/2035		1,603,301
	7,323,891	Series 2006-101-SA		6.05%	# I/F I/O		10/25/2036		1,474,157
	3,032,603	Series 2006-123-LI		5.79%	# I/F I/O		01/25/2037		608,721
	2,522,624	Series 2006-16-HZ		5.50%			03/25/2036		2,739,804
	12,985,239	Series 2006-56-SM		6.22%	# I/F I/O		07/25/2036		2,272,525

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	19,170,086	Series 2006-60-YI		6.04%	# I/F I/O		07/25/2036		4,750,896
	1,919,265	Series 2006-93-SN		6.07%	# I/F I/O		10/25/2036		315,500
	13,381,935	Series 2007-109-VZ		5.00%			10/25/2035		15,250,689
	2,243,517	Series 2007-116-BI		5.72%	# I/F I/O		05/25/2037		372,492
	12,021,386	Series 2007-14-PS		6.28%	# I/F I/O		03/25/2037		2,358,650
	5,653,094	Series 2007-30-OI		5.91%	# I/F I/O		04/25/2037		1,163,364
	1,424,278	Series 2007-30-SI		5.58%	# I/F I/O		04/25/2037		196,225
	6,276,272	Series 2007-32-SG		5.57%	# I/F I/O		04/25/2037		1,039,290
	5,117,368	Series 2007-57-SX		6.09%	# I/F I/O		10/25/2036		948,131
	7,864,753	Series 2007-60-VZ		6.00%			07/25/2037		9,055,719
	3,643,429	Series 2007-71-GZ		6.00%			07/25/2047		4,060,501
	6,041,806	Series 2007-75-ID		5.34%	# I/F I/O		08/25/2037		1,188,899
	1,870,555	Series 2007-9-SD		6.12%	# I/F I/O		03/25/2037		259,249
	1,598,678	Series 2008-27-B		5.50%			04/25/2038		1,709,044
	7,413,783	Series 2008-29-ZA		4.50%			04/25/2038		8,124,240
	13,998,346	Series 2008-48-BE		5.00%			06/25/2034		15,604,513
	2,797,980	Series 2008-48-SD		5.47%	# I/F I/O		06/25/2037		364,777
	2,954,879	Series 2008-53-LI		5.62%	# I/F I/O		07/25/2038		380,723
	2,889,538	Series 2008-57-SE		5.47%	# I/F I/O		02/25/2037		357,445
	1,963,375	Series 2008-5-MS		5.72%	# I/F I/O		02/25/2038		365,007
	2,585,386	Series 2008-61-SC		5.47%	# I/F I/O		07/25/2038		350,936
	2,983,049	Series 2008-62-SC		5.47%	# I/F I/O		07/25/2038		398,568
	4,006,958	Series 2008-65-SA		5.47%	# I/F I/O		08/25/2038		589,804
	4,122,202	Series 2008-81-LP		5.50%			09/25/2038		4,527,417
	12,502,250	Series 2009-106-EZ		4.50%			01/25/2040		13,363,454
	3,443,005	Series 2009-111-SE		5.72%	# I/F I/O		01/25/2040		434,018
	1,025,514	Series 2009-16-MZ		5.00%			03/25/2029		1,141,316
	6,890,820	Series 2009-42-SI		5.47%	# I/F I/O		06/25/2039		1,045,373
	3,886,701	Series 2009-42-SX		5.47%	# I/F I/O		06/25/2039		534,157
	3,358,902	Series 2009-47-SA		5.57%	# I/F I/O		07/25/2039		418,831
	1,422,689	Series 2009-48-WS		5.42%	# I/F I/O		07/25/2039		153,214
	9,224,548	Series 2009-49-S		6.22%	# I/F I/O		07/25/2039		1,963,577
	1,317,862	Series 2009-51-BZ		4.50%			07/25/2039		1,408,152
	2,689,490	Series 2009-54-EZ		5.00%			07/25/2039		2,937,998
	2,872,214	Series 2009-70-SA		5.27%	# I/F I/O		09/25/2039		312,194
	9,750,768	Series 2009-80-PM		4.50%			10/25/2039		10,629,220
	4,846,938	Series 2009-83-Z		4.50%			10/25/2039		5,178,841
	20,077,405	Series 2009-85-ES		6.70%	# I/F I/O		01/25/2036		3,786,534
	27,292,403	Series 2009-85-JS		6.22%	# I/F I/O		10/25/2039		5,901,112
	4,653,754	Series 2009-90-IB		5.19%	# I/F I/O		04/25/2037		632,407
	3,066,617	Series 2009-94-BC		5.00%			11/25/2039		3,304,862
	23,661,338	Series 2010-101-SA		3.95%	# I/F I/O		09/25/2040		3,319,520
	13,599,788	Series 2010-101-ZC		4.50%			09/25/2040		14,711,480
	39,103,743	Series 2010-101-ZH		4.50%			07/25/2040		41,938,651
	8,757,975	Series 2010-10-SA		5.82%	# I/F I/O		02/25/2040		1,553,384
	4,028,206	Series 2010-10-ZA		4.50%			02/25/2040		4,235,736
	2,288,970	Series 2010-111-S		5.42%	# I/F I/O		10/25/2050		364,862
	7,612,521	Series 2010-116-Z		4.00%			10/25/2040		8,168,944
	3,799,148	Series 2010-117-SA		3.97%	# I/F I/O		10/25/2040		360,889
	6,415,838	Series 2010-120-KD		4.00%			10/25/2040		6,896,142
	43,344,895	Series 2010-121-SD		3.97%	# I/F I/O		10/25/2040		4,514,995
	242,685	Series 2010-126-SU		49.24%	# I/F		11/25/2040		963,371
	178,693	Series 2010-126-SX		13.43%	# I/F		11/25/2040		345,830
	10,589,135	Series 2010-128-HZ		4.00%			11/25/2040		11,168,811
	7,912,744	Series 2010-132-Z		4.50%			11/25/2040		8,473,236
	88,008	Series 2010-137-VS		13.43%	# I/F		12/25/2040		139,326
	973,705	Series 2010-142-AV		4.00%			11/25/2029		974,989
	19,405,529	Series 2010-142-AZ		4.00%			12/25/2040		20,332,603
	22,473,904	Series 2010-148-SA		6.12%	# I/F I/O		01/25/2026		3,240,454
	33,969,205	Series 2010-150-ZA		4.00%			01/25/2041		36,708,512
	17,121,170	Series 2010-16-SA		4.92%	# I/F I/O		03/25/2040		2,087,704
	3,809,090	Series 2010-21-DZ		5.00%			03/25/2040		4,300,231
	2,915,507	Series 2010-21-KS		4.42%	# I/F I/O		03/25/2040		237,228
	1,384,068	Series 2010-2-GS		5.92%	# I/F I/O		12/25/2049		132,228
	4,029,702	Series 2010-2-MS		5.72%	# I/F I/O		02/25/2050		547,454
	4,158,683	Series 2010-31-SA		4.47%	# I/F I/O		04/25/2040		412,291
	10,570,265	Series 2010-31-VZ		4.00%			04/25/2040		11,099,683
	8,000,048	Series 2010-34-PS		4.40%	# I/F I/O		04/25/2040		713,896
	1,596,172	Series 2010-35-ES		5.92%	# I/F I/O		04/25/2040		205,552
	2,275,387	Series 2010-35-SV		5.92%	# I/F I/O		04/25/2040		284,630
	2,377,996	Series 2010-46-MS		4.42%	# I/F I/O		05/25/2040		209,699
	19,254,471	Series 2010-49-ZW		4.50%			05/25/2040		20,436,205
	4,324,998	Series 2010-4-SK		5.70%	# I/F I/O		02/25/2040		759,733
	1,905,549	Series 2010-58-ES		11.12%	# I/F		06/25/2040		2,254,182

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 33

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	11,279,710	Series 2010-59-MS		5.24%	# I/F I/O		06/25/2040		1,947,722
	18,369,045	Series 2010-59-PS		5.92%	# I/F I/O		03/25/2039		1,529,387
	11,896,489	Series 2010-59-SC		4.47%	# I/F I/O		01/25/2040		1,622,009
	1,985,196	Series 2010-60-VZ		5.00%			10/25/2039		2,127,970
	1,236,022	Series 2010-61-EL		4.50%			06/25/2040		1,340,488
	13,406,980	Series 2010-64-EZ		5.00%			06/25/2040		14,949,534
	39,368,039	Series 2010-76-ZK		4.50%			07/25/2040		43,193,124
	10,780,421	Series 2010-79-CZ		4.00%			07/25/2040		11,289,231
	38,671,218	Series 2010-79-VZ		4.50%			07/25/2040		43,682,041
	7,776,038	Series 2010-84-ZC		4.50%			08/25/2040		8,436,146
	15,552,043	Series 2010-84-ZD		4.50%			08/25/2040		16,872,256
	18,144,288	Series 2010-84-ZG		4.50%			08/25/2040		19,242,974
	2,216,707	Series 2010-90-SA		5.32%	# I/F I/O		08/25/2040		266,093
	3,061,850	Series 2010-94-Z		4.50%			08/25/2040		3,273,429
	8,668,587	Series 2010-99-SG		22.38%	# I/F		09/25/2040		14,974,938
	4,388,566	Series 2010-9-DS		4.77%	# I/F I/O		02/25/2040		555,907
	34,047,507	Series 2011-106-LZ		3.50%			10/25/2041		35,786,637
	520,021	Series 2011-110-LS		9.05%	# I/F		11/25/2041		734,360
	16,245,466	Series 2011-111-CZ		4.00%			11/25/2041		17,127,043
	8,499,708	Series 2011-111-EZ		5.00%			11/25/2041		9,678,986
	8,878,472	Series 2011-111-VZ		4.00%			11/25/2041		9,256,515
	30,000,000	Series 2011-131-PB		4.50%			12/25/2041		34,674,318
	29,500,000	Series 2011-16-AL		3.50%			03/25/2031		31,859,498
	38,800,000	Series 2011-17-NY		3.50%			03/25/2031		41,858,526
	2,098,445	Series 2011-17-SA		5.94%	# I/F I/O		03/25/2041		300,214
	11,000,000	Series 2011-25-KY		3.00%			04/25/2026		11,598,595
	4,744,126	Series 2011-27-BS		7.95%	# I/F		04/25/2041		5,491,942
	56,000,000	Series 2011-29-AL		3.50%			04/25/2031		60,106,245
	18,809,084	Series 2011-2-GZ		4.00%			02/25/2041		19,931,399
	5,869,545	Series 2011-2-VD		4.00%			07/25/2027		5,901,477
	60,112,133	Series 2011-32-X		4.00%			04/25/2041		62,846,381
	10,030,932	Series 2011-36-VZ		4.50%			05/25/2041		10,761,484
	28,644,593	Series 2011-37-Z		4.50%			05/25/2041		31,368,379
	8,266,184	Series 2011-38-BZ		4.00%			05/25/2041		8,760,801
	8,748,233	Series 2011-39-CB		3.00%			05/25/2026		9,233,221
	24,281,547	Series 2011-39-ZD		4.00%			02/25/2041		25,977,409
	7,339,419	Series 2011-40-LZ		4.50%			05/25/2041		7,878,401
	14,965,475	Series 2011-42-MZ		4.50%			05/25/2041		16,308,681
	18,589,961	Series 2011-45-ZA		4.00%			05/25/2031		20,282,456
	23,875,683	Series 2011-45-ZB		4.50%			05/25/2041		26,399,968
	6,106,617	Series 2011-48-SC		8.15%	# I/F		06/25/2041		6,363,054
	17,687,548	Series 2011-58-SA		6.02%	# I/F I/O		07/25/2041		3,522,953
	2,923,817	Series 2011-59-MA		4.50%			07/25/2041		3,169,766
	13,969,748	Series 2011-60-EL		3.00%			07/25/2026		14,920,141
	86,096	Series 2011-63-ZE		4.00%			08/25/2038		86,070
	30,052,445	Series 2011-64-DB		4.00%			07/25/2041		32,356,140
	10,816,878	Series 2011-74-KL		5.00%			06/25/2040		11,979,048
	25,011,599	Series 2011-77-Z		3.50%			08/25/2041		26,630,275
	21,787,531	Series 2011-8-AV		4.00%			01/25/2030		22,328,075
	25,035,916	Series 2011-99-CZ		4.50%			10/25/2041		29,505,989
	115,502,281	Series 2011-99-DZ		5.00%			10/25/2041		131,198,002
	11,881,540	Series 2012-104-Z		3.50%			09/25/2042		12,732,906
	11,301,165	Series 2012-111-LB		3.50%			05/25/2041		11,975,225
	39,711,012	Series 2012-111-MJ		4.00%			04/25/2042		42,708,891
	28,616,330	Series 2012-114-DC		2.00%			08/25/2039		28,906,525
	117,668,329	Series 2012-122-AD		2.00%			02/25/2040		119,061,169
	90,238,052	Series 2012-122-DB		3.00%			11/25/2042		92,965,019
	99,889,569	Series 2012-125-LA		3.00%			11/25/2042		102,651,865
	9,367,285	Series 2012-133-PB		6.50%			04/25/2042		10,635,395
	59,051,911	Series 2012-144-PT		4.32%	#		11/25/2049		64,051,812
	10,207,213	Series 2012-14-BZ		4.00%			03/25/2042		11,410,860
	23,327,477	Series 2012-15-PZ		4.00%			03/25/2042		26,433,190
	17,605,888	Series 2012-20-ZT		3.50%			03/25/2042		19,042,158
	53,858,657	Series 2012-30-DZ		4.00%			04/25/2042		61,098,737
	44,283,785	Series 2012-31-Z		4.00%			04/25/2042		49,588,885
	14,397,820	Series 2012-63-EB		2.00%			08/25/2040		14,557,521
	31,815,824	Series 2012-74-Z		4.00%			07/25/2042		35,191,948
	11,953,698	Series 2012-80-EA		2.00%			04/25/2042		11,542,288
	23,375,761	Series 2012-86-ZC		3.50%			08/25/2042		25,547,769
	32,568,559	Series 2012-96-VZ		3.50%			09/25/2042		34,706,633
	53,378,611	Series 2012-98-BG		4.50%			08/25/2040		58,063,721
	80,718,297	Series 2012-99-QE		3.00%			09/25/2042		84,205,602
	24,369,473	Series 2013-130-ZE		3.00%			01/25/2044		24,527,919
	21,895,823	Series 2013-133-ZT		3.00%			01/25/2039		22,094,230

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	11,660,933	Series 2013-36-Z		3.00%			04/25/2043		11,696,170
	22,755,262	Series 2013-41-ZH		3.00%			05/25/2033		23,325,668
	19,292,416	Series 2013-51-HS		4.77%	# I/F		04/25/2043		18,518,898
	7,433,845	Series 2013-53-AB		1.50%			03/25/2028		7,375,762
	7,993,619	Series 2013-58-SC		5.21%	# I/F		06/25/2043		7,772,609
	120,069,103	Series 2013-81-ZQ		3.00%			08/25/2043		115,326,542
	34,749,371	Series 2013-82-SH		5.52%	# I/F I/O		12/25/2042		5,384,457
	25,085,478	Series 2013-8-Z		3.00%			02/25/2043		24,892,989
	21,889,725	Series 2014-12-GZ		3.50%			03/25/2044		23,579,531
	23,711,232	Series 2014-21-GZ		3.00%			04/25/2044		23,426,531
	28,229,514	Series 2014-37-ZY		2.50%			07/25/2044		26,659,807
	44,929,086	Series 2014-39-ZA		3.00%			07/25/2044		45,309,856
	13,723,701	Series 2014-46-NZ		3.00%			06/25/2043		13,785,137
	69,593,810	Series 2014-55-MA		3.00%			10/25/2039		71,978,929
	6,018,118	Series 2014-56-AD		3.00%			01/25/2040		6,086,757
	53,849,131	Series 2014-60-EZ		3.00%			10/25/2044		54,688,983
	38,011,345	Series 2014-61-ZV		3.00%			10/25/2044		37,681,364
	32,054,976	Series 2014-64-NZ		3.00%			10/25/2044		32,724,758
	138,806,354	Series 2014-65-CD		3.00%			06/25/2040		144,294,341
	11,287,143	Series 2014-67-DZ		3.00%			10/25/2044		11,709,316
	134,207,329	Series 2014-68-MA		3.00%			11/25/2040		138,870,268
	36,083,192	Series 2014-68-MZ		3.00%			11/25/2044		35,944,665
	25,652,760	Series 2014-6-Z		2.50%			02/25/2044		24,568,071
	57,595,754	Series 2014-73-CQ		3.00%			06/25/2040		59,935,501
	20,369,340	Series 2014-77-VZ		3.00%			11/25/2044		20,311,343
	32,406,791	Series 2014-82-YA		3.00%			04/25/2041		33,555,663
	26,159,581	Series 2014-84-KZ		3.00%			12/25/2044		27,009,061
	154,910,306	Series 2014-95-NA		3.00%			04/25/2041		160,897,373
	197,332,630	Series 2014-M11-1A		3.22%	#		08/25/2024		211,574,284
	106,678,962	Series 2015-09-HA		3.00%			01/25/2045		111,914,638
	51,673,613	Series 2015-11-A		3.00%			05/25/2034		53,959,390
	129,613,376	Series 2015-21-G		3.00%			02/25/2042		135,807,858
	24,535,467	Series 2015-42-CA		3.00%			03/25/2044		25,601,667
	77,374,226	Series 2015-49-A		3.00%			03/25/2044		81,147,999
	19,769,805	Series 2015-63-KD		3.00%			07/25/2041		20,473,315
	77,428,897	Series 2015-88-AC		3.00%			04/25/2043		80,206,915
	219,003,894	Series 2015-88-BA		3.00%			04/25/2044		231,577,696
	37,317,559	Series 2015-94-MA		3.00%			01/25/2046		38,161,052
	70,044,769	Series 2016-02-JA		2.50%			02/25/2046		71,800,595
	146,924,638	Series 2016-32-LA		3.00%			10/25/2044		153,624,313
	130,771,633	Series 2016-72-PA		3.00%			07/25/2046		135,854,491
	103,000,000	Series 2016-74-PA		3.00%			12/25/2044		106,000,720
	14,959,417	Series 400-S4		4.92%	# I/F I/O		11/25/2039		2,204,332
	135,306,351	Series 412-A3		3.00%			08/25/2042		140,238,386
		Federal National Mortgage Association Pass-Thru,
	15,173,624	Pool 555743		5.00%			09/01/2033		17,055,013
	16,376,522	Pool 735141		5.50%			01/01/2035		18,656,351
	6,061,216	Pool 735230		5.50%			02/01/2035		6,897,353
	11,521,170	Pool 735382		5.00%			04/01/2035		12,884,891
	18,821,923	Pool 735402		5.00%			04/01/2035		21,047,322
	13,185,570	Pool 735484		5.00%			05/01/2035		14,724,192
	5,059,243	Pool 735667		5.00%			07/01/2035		5,685,275
	4,250,697	Pool 735893		5.00%			10/01/2035		4,732,957
	10,681,801	Pool 745275		5.00%			02/01/2036		11,892,964
	794,426	Pool 745571		4.00%			01/01/2019		820,264
	478,692	Pool 888695		5.00%			08/01/2037		531,459
	2,172,581	Pool 888968		5.00%			08/01/2035		2,432,363
	6,075,848	Pool 889509		6.00%			05/01/2038		6,979,850
	10,762,336	Pool 889662		6.00%			06/01/2038		12,361,128
	17,818,196	Pool 890549		4.00%			11/01/2043		19,455,717
	19,966,936	Pool 890565		3.00%			11/01/2043		20,814,137
	1,580,942	Pool 929321		5.50%			03/01/2038		1,788,388
	1,291,093	Pool 931104		5.00%			05/01/2039		1,434,705
	693,076	Pool 961410		6.00%			01/01/2038		794,282
	358,565	Pool 975116		5.00%			05/01/2038		398,090
	4,208,090	Pool 982036		6.00%			05/01/2038		4,822,574
	3,327,879	Pool 985190		6.00%			08/01/2038		3,815,099
	2,386,275	Pool 986864		6.50%			08/01/2038		2,793,527
	2,386,508	Pool 987316		6.50%			09/01/2038		2,751,561
	10,476,864	Pool 995070		5.50%			08/01/2037		11,922,519
	38,304,644	Pool 995112		5.50%			07/01/2036		43,580,492
	20,069,756	Pool 995203		5.00%			07/01/2035		22,552,523
	1,594,272	Pool 995581		6.00%			01/01/2039		1,828,016

34 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
	34,211,492	Pool 995849		5.00%		08/01/2036		38,425,470
	28,248,263	Pool AB2123		4.00%		01/01/2031		30,612,205
	666,051	Pool AB2370		4.50%		09/01/2035		705,936
	3,047,538	Pool AB3713		4.00%		10/01/2031		3,275,534
	14,536,918	Pool AB3796		3.50%		11/01/2031		15,491,762
	7,025,831	Pool AB3850		4.00%		11/01/2041		7,391,134
	11,343,677	Pool AB3923		4.00%		11/01/2041		11,925,518
	47,429,561	Pool AB4167		3.50%		01/01/2032		50,592,197
	46,549,469	Pool AB4261		3.50%		01/01/2032		49,650,384
	7,894,622	Pool AB5084		3.50%		05/01/2032		8,448,518
	17,700,884	Pool AB5156		3.50%		05/01/2032		18,889,237
	28,924,129	Pool AB5212		3.50%		05/01/2032		30,843,323
	10,942,275	Pool AB5243		4.00%		05/01/2042		11,513,175
	41,362,605	Pool AB5911		3.00%		08/01/2032		43,531,494
	11,471,887	Pool AB6280		3.00%		09/01/2042		11,972,858
	17,864,098	Pool AB6349		3.00%		10/01/2032		18,798,521
	51,530,767	Pool AB6750		3.00%		10/01/2032		54,231,523
	24,514,793	Pool AB6751		3.00%		10/01/2032		25,800,950
	143,971,142	Pool AB6854		3.00%		11/01/2042		150,097,594
	104,938,821	Pool AB7077		3.00%		11/01/2042		109,387,871
	84,936,560	Pool AB7344		3.00%		12/01/2032		89,396,184
	39,378,612	Pool AB7776		3.00%		02/01/2043		41,096,608
	47,833,178	Pool AB7877		3.00%		02/01/2043		49,915,137
	20,945,756	Pool AB8418		3.00%		02/01/2033		22,047,711
	32,224,894	Pool AB8520		3.00%		02/01/2033		33,915,730
	35,659,427	Pool AB8703		3.00%		03/01/2038		37,204,939
	18,103,014	Pool AB8858		3.00%		04/01/2033		19,055,460
	30,054,848	Pool AB9020		3.00%		04/01/2038		31,359,640
	28,929,488	Pool AB9197		3.00%		05/01/2033		30,451,630
	85,396,194	Pool AB9406		3.00%		05/01/2033		89,887,008
	18,694,858	Pool AB9409		3.00%		05/01/2033		19,673,786
	846,035	Pool AC1032		5.00%		06/01/2040		877,565
	35,509,634	Pool AD0189		5.50%		02/01/2039		40,394,583
	17,283,997	Pool AD0500		5.50%		09/01/2036		19,677,463
	1,234,387	Pool AD2177		4.50%		06/01/2030		1,355,581
	1,718,555	Pool AD6438		5.00%		06/01/2040		1,911,723
	1,262,553	Pool AD7859		5.00%		06/01/2040		1,407,757
	12,065,316	Pool AH0607		4.00%		12/01/2040		13,073,529
	1,633,591	Pool AH1140		4.50%		12/01/2040		1,732,957
	12,167,200	Pool AH4437		4.00%		01/01/2041		12,802,259
	2,642,620	Pool AH7309		4.00%		02/01/2031		2,842,767
	14,371,175	Pool AH9323		4.00%		04/01/2026		15,268,300
	528,405	Pool AI8889		4.00%		08/01/2041		555,353
	8,268,908	Pool AI9831		4.00%		09/01/2041		8,691,103
	1,464,522	Pool AJ1265		4.00%		09/01/2041		1,538,354
	4,061,354	Pool AJ1399		4.00%		09/01/2041		4,269,546
	12,923,389	Pool AJ1467		4.00%		10/01/2041		13,593,692
	6,096,892	Pool AJ3392		4.00%		10/01/2041		6,409,023
	2,602,256	Pool AJ3854		4.00%		10/01/2041		2,738,331
	36,947,036	Pool AJ4118		4.00%		11/01/2041		38,869,761
	8,888,648	Pool AJ4131		4.00%		10/01/2041		9,349,450
	1,273,348	Pool AJ5172		4.00%		11/01/2041		1,337,856
	45,359,810	Pool AJ5322		4.00%		11/01/2041		48,753,309
	25,549,852	Pool AJ7677		3.50%		12/01/2041		26,521,831
	4,098,514	Pool AJ8334		4.00%		12/01/2041		4,310,978
	47,197,325	Pool AK0713		3.50%		01/01/2032		50,359,591
	12,799,927	Pool AK4039		4.00%		02/01/2042		13,468,753
	8,785,833	Pool AK4763		4.00%		02/01/2042		9,243,691
	10,181,608	Pool AK9438		4.00%		03/01/2042		10,712,450
	13,089,371	Pool AK9439		4.00%		03/01/2042		13,772,744
	2,168,915	Pool AK9446		4.50%		03/01/2042		2,312,988
	10,334,351	Pool AL1485		6.00%		01/01/2040		11,871,104
	6,112,901	Pool AL1548		6.00%		07/01/2039		7,027,128
	11,172,115	Pool AL1554		6.00%		01/01/2040		12,826,535
	22,096,011	Pool AL1690		6.00%		05/01/2041		25,358,858
	29,137,968	Pool AL1744		6.00%		10/01/2040		33,444,062
	8,418,487	Pool AL1745		6.00%		03/01/2040		9,648,094
	10,520,973	Pool AL1793		6.00%		01/01/2041		12,084,954
	106,041,135	Pool AL3038		3.00%		01/01/2033		111,619,478
	155,700,845	Pool AL3699		3.00%		06/01/2043		162,461,212
	78,740,906	Pool AL3883		3.00%		07/01/2043		82,166,995
	6,077,146	Pool AL4292		4.50%		04/01/2026		6,537,823
	14,622,206	Pool AL4312		4.00%		10/01/2043		15,956,722
	28,513,543	Pool AL6075		3.50%		09/01/2053		29,681,170

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
	39,418,828	Pool AL6076		3.00%		06/01/2053		40,385,343
	121,191,704	Pool AL6141		4.00%		04/01/2042		130,743,723
	79,457,952	Pool AL6325		3.00%		10/01/2044		82,810,012
	49,597,915	Pool AL6486		4.50%		02/01/2045		54,445,677
	112,368,297	Pool AL6538		4.50%		06/01/2044		123,499,688
	68,213,102	Pool AL8304		3.50%		03/01/2046		72,899,643
	42,298,823	Pool AO2980		4.00%		05/01/2042		44,513,027
	89,861,684	Pool AP4787		3.50%		09/01/2042		93,279,711
	81,771,022	Pool AP4789		3.50%		09/01/2042		84,849,171
	20,958,079	Pool AQ5541		3.00%		12/01/2042		21,846,763
	25,766,563	Pool AR9856		3.00%		04/01/2043		26,859,758
	44,779,814	Pool AS1927		4.50%		03/01/2044		49,146,060
	44,382,996	Pool AS2038		4.50%		03/01/2044		48,644,091
	39,545,920	Pool AS2517		4.50%		05/01/2044		43,340,044
	19,014,018	Pool AS2551		4.50%		06/01/2044		20,838,266
	18,884,312	Pool AS2765		4.50%		07/01/2044		20,696,115
	51,430,041	Pool AS3201		3.00%		08/01/2034		53,992,395
	22,796,006	Pool AS3456		3.00%		10/01/2034		23,934,065
	50,413,772	Pool AS3666		3.00%		10/01/2034		52,928,502
	202,434,588	Pool AS3961		3.00%		12/01/2044		210,721,269
	58,954,803	Pool AS4154		3.00%		12/01/2044		61,368,124
	40,571,091	Pool AS4212		3.00%		01/01/2035		42,599,397
	63,172,546	Pool AS4281		3.00%		01/01/2035		66,330,412
	36,713,446	Pool AS4345		3.50%		01/01/2045		39,229,971
	47,036,773	Pool AS4360		3.00%		01/01/2035		49,387,386
	363,629,326	Pool AS4625		3.00%		03/01/2045		378,514,529
	151,767,926	Pool AS4645		3.00%		03/01/2045		157,980,561
	55,616,432	Pool AS4779		3.00%		04/01/2035		58,417,102
	54,086,105	Pool AS4780		3.00%		04/01/2035		56,812,695
	73,698,632	Pool AS4840		3.00%		04/01/2035		77,405,856
	35,657,994	Pool AS4881		3.00%		05/01/2035		37,456,683
	36,275,719	Pool AS4882		3.00%		05/01/2035		38,104,696
	88,418,813	Pool AS7473		3.00%		07/01/2046		90,737,038
	11,770,527	Pool AS7610		2.50%		07/01/2046		11,862,921
	64,988,213	Pool AX9696		3.00%		07/01/2045		66,684,458
	98,813,716	Pool AY3974		3.00%		03/01/2045		102,858,665
	36,451,843	Pool AY4295		3.00%		02/01/2045		37,399,774
	18,571,179	Pool AY4296		3.00%		01/01/2045		19,047,615
	17,910,650	Pool AY5471		3.00%		03/01/2045		18,378,385
	26,145,008	Pool AZ0576		3.50%		04/01/2042		27,409,367
	3,832,269	Pool MA0264		4.50%		12/01/2029		4,207,109
	49,412	Pool MA0315		4.50%		01/01/2025		49,584
	14,613,738	Pool MA0353		4.50%		03/01/2030		16,045,840
	3,188,238	Pool MA0406		4.50%		05/01/2030		3,500,748
	218,496	Pool MA0445		5.00%		06/01/2040		236,310
	807,340	Pool MA0459		4.00%		07/01/2020		834,021
	582,417	Pool MA0468		5.00%		07/01/2040		629,885
	2,655,750	Pool MA0502		4.00%		08/01/2020		2,745,118
	1,205,230	Pool MA0517		4.00%		09/01/2020		1,246,007
	4,527,926	Pool MA0534		4.00%		10/01/2030		4,905,789
	7,464,466	Pool MA0536		4.00%		10/01/2020		7,719,638
	9,225,715	Pool MA0580		4.00%		11/01/2020		9,539,771
	967,523	Pool MA0587		4.00%		12/01/2030		1,048,370
	23,785,021	Pool MA0616		4.00%		01/01/2031		25,771,401
	9,398,787	Pool MA0896		4.00%		11/01/2041		9,885,267
	173,612,949	Pool MA0919		3.50%		12/01/2031		185,194,738
	73,734,292	Pool MA0949		3.50%		01/01/2032		78,623,832
	89,133,407	Pool MA0976		3.50%		02/01/2032		95,068,831
	43,525,063	Pool MA1010		3.50%		03/01/2032		46,421,771
	13,015,768	Pool MA1039		3.50%		04/01/2042		13,509,677
	59,531,843	Pool MA1059		3.50%		05/01/2032		63,503,375
	8,128,263	Pool MA1068		3.50%		05/01/2042		8,435,500
	127,761,128	Pool MA1084		3.50%		06/01/2032		136,282,064
	18,801,185	Pool MA1093		3.50%		06/01/2042		19,518,593
	16,283,391	Pool MA1094		4.00%		06/01/2042		17,136,661
	76,048,133	Pool MA1107		3.50%		07/01/2032		81,125,726
	171,069,988	Pool MA1117		3.50%		07/01/2042		177,598,616
	205,191,527	Pool MA1136		3.50%		08/01/2042		212,970,457
	50,497,566	Pool MA1138		3.50%		08/01/2032		53,870,768
	55,522,111	Pool MA1179		3.50%		09/01/2042		57,629,096
	9,994,392	Pool MA1201		3.50%		10/01/2032		10,658,388
	122,100,541	Pool MA1209		3.50%		10/01/2042		126,723,763
	312,317,628	Pool MA1237		3.00%		11/01/2032		328,682,241
	7,503,091	Pool MA1242		3.50%		11/01/2042		7,786,426

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 35

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
	240,727,757	Pool MA1275		3.00%			12/01/2032		253,341,290
	33,229,878	Pool MA1338		3.00%			02/01/2033		34,974,387
	131,561,787	Pool MA1366		3.00%			03/01/2033		138,478,069
	80,501,064	Pool MA1401		3.00%			04/01/2033		84,729,373
	142,147,010	Pool MA1459		3.00%			06/01/2033		149,606,339
	17,962,934	Pool MA1490		3.00%			07/01/2033		18,906,520
	113,369,683	Pool MA2018		3.50%			09/01/2034		120,619,202
	48,606,375	Pool MA2114		3.50%			12/01/2044		50,415,512
	37,680,769	Pool MA2151		3.50%			01/01/2045		39,082,969
	67,513,611	Pool MA2164		3.50%			02/01/2035		71,853,462
	142,496,217	Pool MA2166		3.50%			02/01/2045		147,815,662
	123,919,641	Pool MA2248		3.00%			04/01/2045		127,154,895
	126,177,003	Pool MA2270		3.00%			05/01/2045		129,469,910
	25,204,564	Pool MA2621		3.50%			04/01/2046		26,936,449
	53,018,619	Pool MA2643		3.00%			06/01/2036		55,849,643
	201,683,785	Pool MA2650		3.50%			06/01/2046		209,265,546
	47,377,387	Pool MA2673		3.00%			07/01/2046		48,626,767
	142,642,003	Pool MA2711		3.00%			08/01/2046		146,438,494
	12,422,356	Pool MA3894		4.00%			09/01/2031		13,458,866
		Government National Mortgage Association,
	8,633,642	Pool MA2511M		3.50%			01/20/2045		8,951,569
	14,700,000	Series 2003-67-SP		6.57%	# I/F I/O		08/20/2033		3,758,934
	8,557,791	Series 2003-86-ZK		5.00%			10/20/2033		9,599,007
	4,041,419	Series 2004-49-Z		6.00%			06/20/2034		4,615,808
	2,688,193	Series 2004-80-PH		5.00%			07/20/2034		2,786,332
	8,692,545	Series 2004-83-CS		5.55%	# I/F I/O		10/20/2034		1,480,413
	2,268,402	Series 2005-21-Z		5.00%			03/20/2035		2,520,850
	23,235,378	Series 2005-39-ZB		5.00%			07/20/2034		25,935,220
	915,552	Series 2006-24-CX		36.07%	# I/F		05/20/2036		2,288,342
	11,861,673	Series 2007-26-SJ		4.16%	# I/F I/O		04/20/2037		1,108,981
	7,173,473	Series 2008-2-SM		5.97%	# I/F I/O		01/16/2038		1,314,046
	12,162,875	Series 2008-42-AI		7.16%	# I/F I/O		05/16/2038		3,700,667
	5,368,005	Series 2008-43-SH		5.80%	# I/F I/O		05/20/2038		1,022,365
	6,279,190	Series 2008-51-SC		5.72%	# I/F I/O		06/20/2038		1,082,451
	3,978,287	Series 2008-51-SE		5.72%	# I/F I/O		06/16/2038		764,837
	2,371,075	Series 2008-82-SM		5.52%	# I/F I/O		09/20/2038		409,905
	4,085,606	Series 2008-83-SD		6.03%	# I/F I/O		11/16/2036		845,155
	16,310,866	Series 2009-106-VZ		4.50%			11/20/2039		17,882,359
	8,272,190	Series 2009-10-NS		6.12%	# I/F I/O		02/16/2039		1,761,316
	3,651,306	Series 2009-24-SN		5.57%	# I/F I/O		09/20/2038		450,022
	9,773,173	Series 2009-32-ZE		4.50%			05/16/2039		10,807,979
	55,328,423	Series 2009-35-DZ		4.50%			05/20/2039		60,459,237
	6,782	Series 2009-41-ZQ		4.50%			06/16/2039		8,697
	5,603,711	Series 2009-48-Z		5.00%			06/16/2039		6,251,622
	1,458,473	Series 2009-50-KP		4.50%			06/20/2039		1,548,434
	5,183,772	Series 2009-69-TS		5.67%	# I/F I/O		04/16/2039		732,027
	8,530,383	Series 2009-75-GZ		4.50%			09/20/2039		9,214,694
	6,720,215	Series 2009-87-IG		6.21%	# I/F I/O		03/20/2037		889,145
	48,099,328	Series 2010-106-PS		5.52%	# I/F I/O		03/20/2040		6,606,053
	12,519,420	Series 2010-1-SA		5.22%	# I/F I/O		01/16/2040		1,672,606
	3,448,573	Series 2010-25-ZB		4.50%			02/16/2040		3,859,676
	113,758,492	Series 2010-26-QS		5.72%	# I/F I/O		02/20/2040		19,488,001
	9,820,278	Series 2010-42-AY		5.00%			11/20/2039		10,930,995
	9,852,210	Series 2010-42-ES		5.15%	# I/F I/O		04/20/2040		1,462,435
	3,027,706	Series 2010-61-AS		6.02%	# I/F I/O		09/20/2039		428,633
	29,849,773	Series 2010-62-SB		5.22%	# I/F I/O		05/20/2040		4,588,164
	9,384,425	Series 2010-62-ZG		5.50%			05/16/2040		10,679,157
	7,833,334	Series 2011-18-SN		8.44%	# I/F		12/20/2040		9,365,261
	8,333,334	Series 2011-18-YS		8.44%	# I/F		12/20/2040		9,965,886
	7,917,676	Series 2011-51-UZ		4.50%			04/20/2041		8,601,144
	5,034,225	Series 2011-69-OC		0.00%	P/O		05/20/2041		4,750,660
	42,398,205	Series 2011-69-SB		4.82%	# I/F I/O		05/20/2041		5,882,874
	26,515,247	Series 2011-71-ZA		4.50%			02/20/2041		29,087,881
	15,700,674	Series 2011-72-AS		4.85%	# I/F I/O		05/20/2041		2,203,385
	253,116	Series 2011-72-DO		0.00%	P/O		03/16/2033		253,054
	11,584,837	Series 2011-72-SK		5.62%	# I/F I/O		05/20/2041		1,783,528
	9,550,223	Series 2012-105-SE		5.67%	# I/F I/O		01/20/2041		756,168
	19,187,086	Series 2012-52-PN		2.00%			12/20/2039		19,508,611
	41,738,695	Series 2013-116-LS		5.62%	# I/F I/O		08/20/2043		6,949,622
	37,981,620	Series 2013-136-CS		5.67%	# I/F I/O		09/16/2043		7,506,919
	18,208,560	Series 2013-182-WZ		2.50%			12/20/2043		17,947,590
	56,128,833	Series 2013-182-ZW		2.50%			12/20/2043		55,324,378
	29,464,797	Series 2013-186-SG		5.72%	# I/F I/O		02/16/2043		3,962,523

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
	27,978,717	Series 2013-26-MS		5.72%	# I/F I/O		02/20/2043		4,526,137
	51,790,400	Series 2013-34-PL		3.00%			03/20/2042		53,229,635
	55,853,587	Series 2014-163-PS		5.07%	# I/F I/O		11/20/2044		7,202,147
	57,862,411	Series 2014-167-SA		5.07%	# I/F I/O		11/20/2044		7,716,433
	81,961,881	Series 2014-21-SE		5.02%	# I/F I/O		02/20/2044		12,226,950
	47,789,299	Series 2014-39-SK		5.67%	# I/F I/O		03/20/2044		7,856,279
	38,547,217	Series 2014-59-DS		5.72%	# I/F I/O		04/16/2044		7,196,804
	9,070,053	Series 2016-99-TL		2.00%			04/16/2044		8,333,505
		Total US Government / Agency Mortgage Backed Obligations (Cost $29,125,576,049)							30,278,512,281
	SHORT TERM INVESTMENTS 13.0%
	256,031,488	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				256,031,488
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/07/2016		99,998,000
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/12/2016		149,993,250
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/14/2016		99,994,500
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/19/2016		149,988,000
	300,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/21/2016		299,973,000
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/25/2016		99,989,000
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/26/2016		249,971,250
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/28/2016		99,987,500
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			10/31/2016		99,986,000
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/01/2016		99,983,100
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/04/2016		99,981,300
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/09/2016		199,956,800
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/16/2016		249,935,750
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/21/2016		99,971,400
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/22/2016		99,970,800
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/23/2016		99,970,300
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/25/2016		99,969,100
	140,000,000	Federal Home Loan Bank Discount Notes		0.00%			11/29/2016		139,953,380
	125,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/01/2016		124,948,750

36 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/12/2016		199,902,800
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/13/2016		99,950,700
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/20/2016		99,945,800
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/21/2016		99,945,100
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/28/2016		149,910,450
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			01/09/2017		99,929,200
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			01/17/2017		99,923,400
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%			01/23/2017		199,838,200
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			01/25/2017		99,917,700
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			01/26/2017		99,916,900
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%			03/24/2017		249,546,000
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			03/27/2017		99,815,300
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/19/2017		99,780,000
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%			05/25/2017		199,415,000
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/16/2016		99,948,600
	100,000,000	Federal Home Loan Banks		0.45%			10/07/2016		100,003,000
	173,510,000	Federal Home Loan Banks		5.13%			10/19/2016		173,886,170
	145,000,000	Federal Home Loan Banks		0.46%			10/25/2016		145,025,665
	100,000,000	Federal Home Loan Banks		0.40%			10/28/2016		100,005,700
	100,000,000	Federal Home Loan Banks		0.45%			11/16/2016		100,018,300
	100,000,000	Federal Home Loan Banks		0.55%			11/25/2016		100,025,600
	240,000,000	Federal Home Loan Banks		4.75%			12/16/2016		242,167,440
	225,000,000	Federal Home Loan Banks		0.88%			05/24/2017		225,517,275
	100,000,000	Federal Home Loan Banks		0.69%			07/26/2017		100,004,600
	100,000,000	Federal Home Loan Banks		0.70%			09/01/2017		100,064,400
	130,000,000	Federal Home Loan Banks		0.50%	#		09/29/2017		129,950,210
	100,000,000	Federal Home Loan Mortgage Corporation		1.00%			06/29/2017		100,286,600
	100,000,000	Federal Home Loan Mortgage Corporation		1.00%			07/28/2017		100,315,800

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	100,000,000	Federal Home Loan Mortgage Corporation Discount Notes		0.00%			03/10/2017		99,833,200
	100,000,000	Federal Home Loan Mortgage Corporation Discount Notes		0.00%			04/21/2017		99,777,800
	100,000,000	Federal National Mortgage Association		5.00%			02/13/2017		101,643,800
	100,000,000	Federal National Mortgage Association Discount Notes		0.00%			03/27/2017		99,815,300
	256,031,488	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				256,031,488
	256,031,488	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				256,031,488
	250,000,000	United States Treasury Bills		0.00%			10/27/2016		249,969,250
	250,000,000	United States Treasury Bills		0.00%			03/30/2017		249,468,500
		Total Short Term Investments (Cost $8,045,728,658)							8,048,079,404
		Total Investments 100.7% (Cost $61,165,266,736)							62,336,771,131
		Liabilities in Excess of Other Assets (0.7)%							(463,186,034	)
		NET ASSETS 100.0%						$	61,873,585,097

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government / Agency Mortgage Backed Obligations	48.9%
Non-Agency Residential Collateralized Mortgage Obligations	20.5%
Short Term Investments	13.0%
Non-Agency Commercial Mortgage Backed Obligations	7.5%
Collateralized Loan Obligations	4.5%
US Government and Agency Obligations	3.5%
Asset Backed Obligations	2.8%
Other Assets and Liabilities	(0.7)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $11,300,847,248 or 18.3% of net assets.

¥ Illiquid security. At September 30, 2016, the value of these securities amounted to $867,477,195 or 1.4% of net assets.

# Variable rate security. Rate disclosed as of September 30, 2016.

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

P/O Principal only security

¨ Seven-day yield as of September 30, 2016

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 37

Schedule of Investments  DoubleLine Core Fixed Income Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.9%
		AVANT Loans Funding Trust,
	1,618,090	Series 2016-B-A		3.92%	^		08/15/2019		1,628,407
		Castlelake Aircraft Securitization Trust,
	6,402,730	Series 2015-1A-A		4.70%	^		12/15/2040		6,459,836
	13,605,470	Series 2016-1-A		4.45%			08/15/2041		13,722,899
		Citi Held For Asset Issuance,
	5,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		4,983,080
		DB Master Finance LLC,
	14,775,000	Series 2015-1A-A2I		3.26%	^		02/20/2045		14,890,416
	9,850,000	Series 2015-1A-A2II		3.98%	^		02/20/2045		10,090,112
		Harbour Aircraft Investments Ltd.,
	3,718,300	Series 2016-1-A		4.70%			07/15/2041		3,758,409
		Hero Funding Trust,
	9,238,067	Series 2016-1A-A		4.05%	^		09/20/2041		9,587,377
		MarketPlace Loan Trust,
	4,734,993	Series 2015-CB1-A		4.00%	^		07/15/2021		4,734,029
		NP SPE II LLC,
	14,318,285	Series 2016-1A-A1		4.16%	^		04/20/2046		14,662,399
		OneMain Financial Issuance Trust,
	14,000,000	Series 2015-AA-A		3.19%	^		03/18/2026		14,159,655
		Shenton Aircraft Investment Ltd.,
	9,274,672	Series 2015-1A-A		4.75%	^		10/15/2042		9,198,871
		SoFi Consumer Loan Program Trust,
	4,000,000	Series 2016-2-A		3.09%	^		10/27/2025		4,012,579
		SoFi Professional Loan Program,
	8,890,755	Series 2016-A-A2		2.76%	^		12/26/2036		9,119,689
		Springfield Funding Trust,
	15,304,000	Series 2015-AA-A		3.16%	^		11/15/2024		15,502,300
		Spruce Asset Backed Securities Trust,
	2,194,120	Series 2016-E1-A		4.32%	^		06/15/2028		2,201,110
		Westlake Automobile Receivables Trust,
	7,000,000	Series 2016-1A-B		2.68%	^		09/15/2021		7,096,600
		Total Asset Backed Obligations (Cost $143,744,504)							145,807,768
	BANK LOANS 2.4%
		Acadia Healthcare Company, Inc.,
	1,841,217	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		02/16/2023		1,856,757
		AdvancePierre Foods, Inc.,
	1,775,635	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/02/2023		1,792,725
		Air Canada,
	1,090,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		09/21/2023		1,093,815
		Albertson’s Holdings LLC,
	1,952,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.50%	#		08/25/2021		1,969,916
		AlixPartners LLP,
	1,922,652	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/28/2022		1,928,661
		American Renal Holdings, Inc.,
	1,807,064	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		1,809,332

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Americold Realty Trust, Inc.,
	1,840,388	Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		12/01/2022		1,862,251
		Ardagh Packaging Finance,
	1,847,313	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		1,858,277
		Aspen Merger Sub, Inc.,
	1,155,000	Senior Secured 1st Lien Term Loan		5.25%	#		09/26/2023		1,165,106
		Asurion LLC,
	1,065,272	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/04/2022		1,072,196
	889,175	Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		05/24/2019		893,439
		Avago Technologies Cayman Ltd,
	1,872,839	Guaranteed Senior Secured 1st Lien Term Loan, B3		3.52%	#		02/01/2023		1,897,158
		Avantor Performance Materials Holdings, Inc.,
	1,995,000	Guaranteed Senior Secured 1st Lien, Term Loan, Tranche B		6.00%	#		06/21/2022		2,002,481
		B&G Foods, Inc.,
	1,921,300	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.84%	#		11/02/2022		1,936,911
		B/E Aerospace, Inc.,
	1,878,715	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.76%	#		12/16/2021		1,903,082
		Beacon Roofing Supply, Inc.,
	1,815,642	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/03/2022		1,821,997
		Berry Plastics Corporation,
	1,867,282	Guaranteed Senior Secured 1st Lien Term Loan, Tranche H		3.75%	#		10/03/2022		1,875,712
		Boyd Gaming Corporation,
	1,935,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.52%	#		09/15/2023		1,952,415
		Burger King Corporation,
	1,879,871	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		12/10/2021		1,895,728
		Camelot Finance LP,
	1,085,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/15/2023		1,087,984
		Capital Automotive LP,
	1,959,964	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		1,977,427
		Cengage Learning, Inc.,
	1,311,713	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		1,312,887
		Charter Communications Operating LLC,
	1,885,662	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.50%	#		01/24/2023		1,900,191
		CHG Healthcare, Inc.,
	1,835,745	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/07/2023		1,855,534

38 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Cortes NP Acquisition Corporation,
	1,585,000	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		12/31/2023		1,537,450
		CSC Holdings LLC,
	1,875,563	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		10/11/2022		1,883,571
		CSM Bakery Supplies LLC,
	1,821,793	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		1,744,367
		Dealer Tire LLC,
	1,807,796	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		12/22/2021		1,825,874
		Dell International LLC,
	1,957,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/07/2023		1,970,895
		Dollar Tree, Inc.,
	619,271	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		3.06%	#		07/06/2022		624,593
		EFS Cogen Holdings I LLC,
	1,781,256	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/28/2023		1,802,631
		Eldorado Resorts, Inc.,
	1,960,788	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		1,970,592
		Emerald Expositions Holdings, Inc.,
	1,861,395	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		1,869,836
		Endo Luxembourg Finance I Company S.A.R.L.,
	1,970,872	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		09/26/2022		1,968,951
		Energy Transfer Equity LP,
	1,896,000	Senior Secured 1st LienTerm Loan		3.29%	#		12/02/2019		1,886,321
		Ensemble S Merger Sub, Inc.,
	1,874,159	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/30/2022		1,877,673
		Envision Healthcare Corporation,
	1,951,622	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/28/2022		1,963,127
		Federal-Mogul Holdings Corporation,
	616,489	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		597,442
		Ferrara Candy Company,
	1,955,100	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		06/15/2023		1,971,797
		Filtration Group, Inc.,
	1,885,810	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/20/2020		1,896,889
		First Data Corporation,
	1,964,639	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.53%	#		03/24/2021		1,981,417
		Four Seasons Holdings, Inc.,
	1,851,067	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/27/2020		1,864,182
		Galleria Company,
	1,890,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/26/2023		1,901,501

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Global Payments, Inc.,
	1,798,493	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.02%	#		04/21/2023		1,819,625
		GTCR Valor Companies, Inc.,
	1,017,450	Senior Secured 1st Lien Term Loan, Tranche B		7.00%	#		06/16/2023		973,257
		Guggenheim Partners Investment Management Holdings LLC,
	1,554,937	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		07/22/2020		1,566,404
		Harbor Freight Tools USA, Inc.,
	1,960,000	Senior Secured 1st Lien Term Loan		4.00%	#		08/18/2023		1,973,475
		Hertz Corporation,
	1,880,288	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		06/30/2023		1,899,485
		Hostess Brands LLC,
	1,868,573	Senior Secured 1st Lien Term Loan		4.50%	#		08/03/2022		1,884,344
		Huntsman International LLC,
	1,875,799	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		04/03/2023		1,891,340
		JDA Software Group, Inc.,
	620,000	Senior Secured 1st Lien Term Loan		4.50%	#		09/22/2023		621,550
		Jeld-Wen, Inc.,
	1,858,181	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2022		1,872,507
		Jo-Ann Stores LLC,
	1,350,000	Senior Secured 1st Lien Term Loan		6.00%	#		09/29/2023		1,329,750
		Kar Auction Services, Inc.,
	1,844,730	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.38%	#		03/09/2023		1,871,829
		Keurig Green Mountain, Inc.,
	932,663	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/03/2023		946,265
		KIK Custom Products, Inc.,
	1,882,441	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		08/26/2022		1,887,147
		Kloeckner Pentaplast of America, Inc.,
	1,252,407	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		1,267,279
		KP Germany Erste GmbH,
	535,217	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		541,572
		Leslie’s Poolmart, Inc.,
	1,955,000	Senior Secured 1st Lien Term Loan, Tranch B		5.25%	#		08/16/2023		1,970,884
		Level 3 Financing, Inc.,
	1,920,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche BII		3.50%	#		05/31/2022		1,933,373
		Life Time Fitness, Inc.,
	1,966,079	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/10/2022		1,970,817
		Live Nation Entertainment, Inc.,
	1,953,239	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.59%	#		08/14/2020		1,963,924

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 39

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Manitowoc Foodservice, Inc.,
	1,841,926	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		03/03/2023		1,869,168
		Match Group, Inc.,
	1,820,313	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		11/16/2022		1,833,401
		McGraw Hill Financial, Inc.,
	1,384,530	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/04/2022		1,395,606
		MGM Growth Properties,
	1,908,547	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/25/2023		1,928,234
		Michaels Stores, Inc.,
	1,872,085	Guaranteed Senior Secured 1st Lien Term Loan, Tranch B1		3.75%	#		01/27/2023		1,882,035
		Microsemi Corporation,
	1,755,066	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/17/2023		1,774,398
		Mitchell International, Inc.,
	519,206	Guaranteed Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		508,985
		Mohegan Tribal Gaming Authority,
	770,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		09/30/2023		762,300
		MPH Acquisition Holdings LLC,
	1,743,239	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		06/07/2023		1,767,479
		National Vision, Inc.,
	1,867,013	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		1,850,676
		NBTY, Inc.,
	1,952,158	Senior Secured 1 Lien Term Loan, Tranche B		5.00%	#		05/05/2023		1,963,997
		Nexstar Broadcasting, Inc.,
	770,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		09/26/2023		774,651
		Nord Anglia Education Finance LLC,
	1,937,647	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		03/31/2021		1,944,923
		NXP BV,
	1,832,477	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.41%	#		12/07/2020		1,842,904
		ON Semiconductor Corporation,
	1,802,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/31/2023		1,812,785
		Party City Holdings, Inc.,
	1,912,540	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/19/2022		1,921,931
		Pharmaceutical Product Development LLC,
	1,955,631	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2022		1,965,067
		Pinnacle Food Finance LLC,
	1,912,109	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.28%	#		01/13/2023		1,930,513

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PODS LLC,
	1,971,409	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		02/02/2022		1,984,549
		PolyOne Corporation,
	1,866,435	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/11/2022		1,887,432
		PQ Corporation,
	1,911,210	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		11/04/2022		1,928,736
		Press Ganey Holdings, Inc.,
	1,355,000	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		12/31/2023		1,348,225
		Revlon Consumer Products Corporation,
	1,965,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		09/07/2023		1,971,357
		Reynolds Group Holdings, Inc.,
	2,500,807	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		02/06/2023		2,512,136
		Scientific Games International, Inc.,
	1,962,098	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		6.00%	#		10/01/2021		1,968,367
		Seahawk Holding Ltd.,
	1,560,000	Senior Secured 1st Lien Term Loan		7.00%	#		09/27/2022		1,549,860
		Serta Simmons Holdings LLC,
	1,916,672	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		1,926,859
		Solarwinds Holdings, Inc.,
	1,885,275	Guaranteed Senior Secured 1st Lien, Tranche B		5.50%	#		02/03/2023		1,906,013
		Solenis International LP,
	743,299	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		743,358
		Summit Materials LLC,
	1,866,572	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/18/2022		1,876,605
		Surgery Center Holdings, Inc.,
	1,923,730	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		1,927,337
		T-Mobile USA, Inc.,
	1,911,148	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/09/2022		1,929,467
		TransDigm, Inc.
	505,575	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche F		3.75%	#		06/09/2023		506,404
	561,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.75%	#		06/09/2023		562,671
		Tribune Media Company,
	1,961,280	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/24/2020		1,979,971
		Tumi Holdings, Inc.,
	1,920,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		05/12/2023		1,941,600
		UFC Holdings LLC,
	1,850,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/18/2023		1,869,083

40 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Univar, Inc.,
	1,967,576	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/01/2022		1,973,115
		Univision Communications Inc,
	1,881,528	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		1,887,022
		US Renal Care, Inc.,
	2,007,700	Senior Secured 1st Lien Term Loan		5.25%	#		12/30/2022		1,932,411
		USAGM HoldCo LLC,
	1,632,663	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		1,628,581
		Vertafore Holdings Corporation
	1,843,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2023		1,852,934
		Virgin Media Investment Holdings Ltd.,
	1,930,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.65%	#		06/30/2023		1,941,184
		Vizient, Inc.,
	1,676,792	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#		02/13/2023		1,697,761
		Yankee Cable Acquisition LLC,
	907,701	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/28/2020		909,784
		York Risk Services Group, Inc.,
	1,717,965	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		1,582,675
		YUM! BRANDS,
	1,827,420	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.28%	#		06/16/2023		1,845,128
		Total Bank Loans (Cost $182,004,254)							183,345,596
	COLLATERALIZED LOAN OBLIGATIONS 3.3%
		Adams Mill Ltd.,
	875,000	Series 2014-1A-D1		4.18%	#^		07/15/2026		810,648
	1,000,000	Series 2014-1A-E1		5.68%	#^		07/15/2026		816,972
		ALM LLC,
	2,700,000	Series 2016-19A-B		3.63%	#^		07/15/2028		2,711,074
	2,000,000	Series 2016-19A-C		4.98%	#^		07/15/2028		2,007,999
		ALM Ltd.,
	3,800,000	Series 2013-SA-CR		4.80%	#^		10/15/2028		3,760,480
	1,880,000	Series 2014-11A-C		4.18%	#^		10/17/2026		1,844,750
		Apidos Ltd.,
	2,000,000	Series 2013-16A-A1		2.14%	#^		01/19/2025		2,004,810
	2,950,000	Series 2013-16A-B		3.49%	#^		01/19/2025		2,938,937
	2,000,000	Series 2014-18A-C		4.35%	#^		07/22/2026		1,991,832
	1,000,000	Series 2014-18A-D		5.90%	#^		07/22/2026		916,325
	1,000,000	Series 2014-19A-D		4.43%	#^		10/17/2026		998,632
	1,500,000	Series 2015-20A-B		3.88%	#^		01/16/2027		1,517,394
	1,500,000	Series 2015-20A-C		4.38%	#^		01/16/2027		1,480,039
	2,250,000	Series 2015-21A-C		4.23%	#^		07/18/2027		2,105,267
		ARES Ltd.,
	2,000,000	Series 2013-1A-D		4.43%	#^		04/15/2025		1,937,690
	1,587,241	Series 2014-30A-A2		1.55%	#^		04/20/2023		1,589,239
		Babson Ltd.,
	1,500,000	Series 2012-1A-C		4.68%	#^		04/15/2022		1,514,884
	2,000,000	Series 2012-2A-CR		4.42%	#^		05/15/2023		2,000,000
	1,000,000	Series 2014-3A-D2		4.88%	#^		01/15/2026		1,005,150
	2,750,000	Series 2015-1A-D1		4.15%	#^		04/20/2027		2,563,694
	5,000,000	Series 2015-2A-D		4.50%	#^		07/20/2027		4,932,817

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Betony Ltd.,
	2,500,000	Series 2015-1A-C		3.83%	#^		04/15/2027		2,500,000
	3,000,000	Series 2015-1A-D		4.28%	#^		04/15/2027		2,810,554
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-C2		3.83%	#^		07/15/2026		1,000,902
	1,000,000	Series 2014-1A-D2		4.88%	#^		07/15/2026		999,318
	1,000,000	Series 2014-1A-E2		7.08%	#^		07/15/2026		912,793
		BlueMountain Ltd.,
	1,500,000	Series 2012-1A-E		6.20%	#^		07/20/2023		1,499,503
	5,000,000	Series 2015-2A-D		4.23%	#^		07/18/2027		4,720,090
	2,000,000	Series 2015-2A-E		6.03%	#^		07/18/2027		1,761,721
	4,000,000	Series 2015-3A-B		3.80%	#^		10/20/2027		3,970,752
	4,000,000	Series 2015-3A-C		4.25%	#^		10/20/2027		3,857,731
	5,000,000	Series 2015-4A-C		3.90%	#^		01/20/2027		5,008,817
	4,000,000	Series 2015-4A-D1		5.30%	#^		01/20/2027		4,046,779
		Brookside Mill Ltd.,
	1,250,000	Series 2013-1A-C1		3.38%	#^		04/17/2025		1,230,030
	2,250,000	Series 2013-1A-D		3.73%	#^		04/17/2025		2,058,384
	1,250,000	Series 2013-1A-E		5.08%	#^		04/17/2025		931,113
		Canyon Capital Ltd.,
	2,500,000	Series 2012-1A-C		3.48%	#^		01/15/2024		2,507,528
	5,000,000	Series 2014-1A-B		3.41%	#^		04/30/2025		4,928,235
	2,750,000	Series 2014-1A-C		4.01%	#^		04/30/2025		2,609,019
		Carlyle Global Market Strategies Ltd.,
	1,250,000	Series 2014-3A-B		3.88%	#^		07/27/2026		1,253,215
	2,000,000	Series 2014-3A-C2		4.93%	#^		07/27/2026		2,005,266
		Carlyle High Yield Partners Ltd.,
	71,842	Series 2006-8A-A2A		1.05%	#^		05/21/2021		71,721
	3,574,555	Series 2007-10-A1		0.91%	#^		04/19/2022		3,574,069
		Catamaran Ltd.,
	2,500,000	Series 2015-1A-C1		3.80%	#^		04/22/2027		2,480,404
		Cent Ltd.,
	2,000,000	Series 2013-18A-D		4.16%	#^		07/23/2025		1,943,344
	1,500,000	Series 2013-18A-E		5.31%	#^		07/23/2025		1,317,772
	1,000,000	Series 2014-22A-C		4.54%	#^		11/07/2026		970,910
		Dorchester Park Ltd.,
	2,000,000	Series 2015-1A-C		3.90%	#^		01/20/2027		2,023,036
	1,000,000	Series 2015-1A-D		4.25%	#^		01/20/2027		978,567
		Dryden Senior Loan Fund,
	2,000,000	Series 2013-28A-B1L		4.02%	#^		08/15/2025		1,861,366
		Eaton Vance Ltd.,
	2,000,000	Series 2006-8A-B		1.47%	#^		08/15/2022		1,972,212
		Emerson Park Ltd.,
	1,000,000	Series 2013-1A-C1		3.43%	#^		07/15/2025		997,628
		Flatiron Ltd.,
	2,000,000	Series 2014-1A-C		3.98%	#^		07/17/2026		1,825,000
		Galaxy Ltd.,
	1,000,000	Series 2013-15A-C		3.28%	#^		04/15/2025		1,003,689
	1,000,000	Series 2013-15A-D		4.08%	#^		04/15/2025		974,689
		GoldenTree Loan Opportunities Ltd.,
	2,000,000	Series 2012-6A-D		4.88%	#^		04/17/2022		2,002,717
	3,750,000	Series 2015-10A-D		4.05%	#^		07/20/2027		3,531,337
		Halcyon Loan Advisors Funding Ltd.,
	740,000	Series 2013-2A-C		3.46%	#^		08/01/2025		727,997
	1,500,000	Series 2014-3A-D		4.35%	#^		10/22/2025		1,320,000
		ING Ltd.,
	2,000,000	Series 2013-3A-A1		2.36%	#		08/01/2020		1,976,139
	2,000,000	Series 2013-3A-B		3.38%	#^		01/18/2026		1,992,265
		Inwood Park Ltd.,
	2,000,000	Series 2006-1A-B		1.09%	#^		01/20/2021		1,980,592
		Jamestown Ltd.,
	2,000,000	Series 2015-6A-A1A		2.41%	#^		02/20/2027		2,009,779
		Jay Park Ltd.,
	3,500,000	Series 2016-1A-C		4.66%	#^		10/20/2027		3,460,660

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 41

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LCM LP,
	2,000,000	Series 11A-D2		4.64%	#^		04/19/2022		2,001,032
	1,000,000	Series 12A-E		6.44%	#^		10/19/2022		990,826
	2,850,000	Series 14A-D		4.18%	#^		07/15/2025		2,794,687
	2,500,000	Series 15A-C		3.93%	#^		08/25/2024		2,503,150
	1,000,000	Series 16A-D		4.28%	#^		07/15/2026		970,575
	2,000,000	Series 19A-D		4.13%	#^		07/15/2027		1,824,160
		Madison Park Funding Ltd.,
	5,000,000	Series 2007-4A-A1B		1.17%	#^		03/22/2021		4,842,396
	5,000,000	Series 2007-4A-B		1.24%	#^		03/22/2021		4,792,758
	1,000,000	Series 2007-4A-D		2.30%	#^		03/22/2021		966,421
	2,750,000	Series 2007-6A-C		1.72%	#^		07/26/2021		2,647,858
	1,000,000	Series 2014-13A-D		4.04%	#^		01/19/2025		978,890
	1,000,000	Series 2014-13X-E		5.69%	#		01/19/2025		897,523
	4,750,000	Series 2014-14A-D		4.30%	#^		07/20/2026		4,712,862
	750,000	Series 2014-14A-E		5.45%	#^		07/20/2026		668,647
	2,000,000	Series 2014-15A-C		4.43%	#^		01/27/2026		1,991,732
	3,000,000	Series 2015-16A-B		3.70%	#^		04/20/2026		3,011,431
	5,000,000	Series 2015-18A-D2		4.65%	#^		10/21/2026		5,018,334
		Magnetite Ltd.,
	5,000,000	Series 2012-7A-CR		4.60%	#^		01/15/2025		5,000,000
	1,500,000	Series 2012-7A-D		5.93%	#^		01/15/2025		1,500,009
	2,000,000	Series 2014-11A-C		4.28%	#^		01/18/2027		1,989,650
	1,500,000	Series 2014-8A-C		3.78%	#^		04/15/2026		1,522,275
		Nautique Funding Ltd.,
	1,000,000	Series 2006-1A-C		2.38%	#^		04/15/2020		986,712
		Nomad Ltd.,
	1,500,000	Series 2013-1A-B		3.63%	#^		01/15/2025		1,500,782
	1,500,000	Series 2013-1A-C		4.18%	#^		01/15/2025		1,474,075
		North End Ltd.,
	1,000,000	Series 2013-1A-D		4.18%	#^		07/17/2025		935,593
		Octagon Investment Partners Ltd.,
	2,000,000	Series 2013-1A-D		4.03%	#^		07/17/2025		1,942,453
	2,000,000	Series 2013-1A-E		5.18%	#^		07/17/2025		1,709,655
	1,000,000	Series 2014-1A-C2		4.20%	#^		11/25/2025		1,002,218
	2,000,000	Series 2014-1A-D		4.47%	#^		08/12/2026		1,938,403
	1,000,000	Series 2014-1A-D2		5.28%	#^		11/25/2025		1,005,440
	3,500,000	Series 2016-1A-C		3.66%	#^		07/15/2027		3,502,331
	10,000,000	Series 2016-1A-D		5.41%	#^		07/15/2027		10,006,513
		OZLM Ltd.,
	1,500,000	Series 2015-11A-A2A		3.01%	#^		01/30/2027		1,499,605
		Race Point Ltd.,
	1,000,000	Series 2013-8A-B		2.71%	#^		02/20/2025		1,000,823
		Symphony Ltd.,
	3,000,000	Series 2013-11A-B1		2.88%	#^		01/17/2025		3,007,423
	3,000,000	Series 2013-11A-C		3.83%	#^		01/17/2025		3,002,662
		TCI Symphony Ltd.,
	5,000,000	Series 2016-1A-D		4.72%	#^		10/13/2029		4,968,050
		TCI-Flatiron Ltd.,
	5,000,000	Series 2016-1A-C		3.71%	#^		07/17/2028		5,024,128
		Thacher Park Ltd.,
	1,000,000	Series 2014-1A-C		3.75%	#^		10/20/2026		1,000,241
	1,000,000	Series 2014-1A-D1		4.23%	#^		10/20/2026		971,615
		Venture Ltd.,
	1,900,000	Series 2006-1A-B		1.40%	#^		08/03/2020		1,823,111
	500,000	Series 2012-10A-C		3.95%	#^		07/20/2022		501,276
	2,000,000	Series 2012-10A-D		4.90%	#^		07/20/2022		2,007,632
	5,000,000	Series 2013-15A-C		3.78%	#^		07/15/2025		5,006,647
	2,500,000	Series 2014-17A-C		3.53%	#^		07/15/2026		2,473,440
		Wind River Ltd.,
	3,000,000	Series 2013-1A-C		4.10%	#^		04/20/2025		2,943,644
	4,100,000	Series 2016-1A-B		3.92%	#^		07/15/2028		4,129,361
	2,000,000	Series 2016-1A-D		5.37%	#^		07/15/2028		1,983,445
		Total Collateralized Loan Obligations (Cost $252,911,738)							252,028,770

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 9.6%
	3,000,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		3,225,000
	2,000,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		2,150,000
	11,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		11,155,045
	6,200,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		6,727,000
	1,500,000	Aeropuerto Internacional de Tocumen S.A.		5.63%			05/18/2036		1,590,000
	2,000,000	Aeropuerto Internacional de Tocumen S.A.		5.63%	^		05/18/2036		2,120,000
	1,800,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		1,895,400
	500,000	Aeropuertos Dominicanos		9.75%	#^		11/13/2019		526,500
	6,200,000	AES Andres B.V.		7.95%	^		05/11/2026		6,626,250
	2,000,000	AES El Salvador Trust		6.75%			03/28/2023		1,900,000
	3,500,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		3,657,500
	3,500,000	Agromercantil Senior Trust		6.25%			04/10/2019		3,657,500
	1,700,000	Ajecorp B.V.		6.50%			05/14/2022		926,500
	1,400,000	Alcoa Nederland Holding BV		6.75%	^		09/30/2024		1,457,750
	9,675,000	AstraZeneca PLC		2.38%			11/16/2020		9,956,233
	10,835,000	Australia and New Zealand Banking Group Ltd.		4.88%	^		01/12/2021		12,123,921
	4,700,000	Avianca Holdings S.A.		8.38%			05/10/2020		4,500,250
	2,600,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		2,489,500
	4,000,000	Axiata SPV2 BHD		3.47%			11/19/2020		4,203,276
	300,000	B Communications Ltd.		7.38%	^		02/15/2021		324,375
	2,300,000	Banco Continental SAECA		8.88%			10/15/2017		2,311,500
	1,700,000	Banco Davivienda S.A.		2.95%			01/29/2018		1,717,425
	600,000	Banco de Bogota S.A.		5.38%			02/19/2023		621,750
	1,500,000	Banco de Bogota S.A.		6.25%	^		05/12/2026		1,588,125
	2,000,000	Banco de Costa Rica		5.25%	^		08/12/2018		2,060,000
	3,000,000	Banco de Costa Rica		5.25%			08/12/2018		3,090,000
	2,200,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		2,277,000
	4,300,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		4,450,500
	3,000,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		2,606,100
	4,400,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		4,403,960
	4,005,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		4,310,381
	1,000,000	Banco International del Peru S.A.A.		8.50%	#		04/23/2070		1,112,500
	5,100,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		5,227,500
	1,700,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		1,700,000
	500,000	Banco Nacional de Comercio Exterior S.N.C.		4.38%			10/14/2025		518,750
	8,500,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		8,263,700
	4,951,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		5,102,005
	6,700,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		6,993,125
	400,000	Banco Regional SAECA		8.13%	^		01/24/2019		432,000
	5,450,000	Banco Regional SAECA		8.13%			01/24/2019		5,886,000

42 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,000,000	Banco Santander		4.13%			11/09/2022		2,065,000
	9,299,000	Banco Santander		5.95%	#		01/30/2024		9,796,032
	6,000,000	Bancolombia S.A.		6.13%			07/26/2020		6,495,000
	11,045,000	Bank of Montreal		1.90%			08/27/2021		10,995,817
	1,250,000	Bantrab Senior Trust		9.00%			11/14/2020		1,106,250
	7,200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		7,252,344
	5,700,000	BBVA Bancomer S.A.		5.35%	#^		11/12/2029		5,771,250
	2,557,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		2,588,962
	1,700,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		1,858,100
	1,700,000	Bharti Airtel Ltd.		4.38%			06/10/2025		1,764,719
	3,845,000	BP Capital Markets PLC		3.06%			03/17/2022		4,030,675
	2,810,000	BP Capital Markets PLC		3.12%			05/04/2026		2,889,627
	3,720,000	BP Capital Markets PLC		3.02%			01/16/2027		3,780,431
	19,588,000	British Telecommunications PLC		5.95%			01/15/2018		20,728,394
	2,150,000	Camposol S.A.		10.50%	^		07/15/2021		1,978,000
	95,000	Canadian Pacific Railway Company		2.90%			02/01/2025		97,453
	1,600,000	Cementos Progreso Trust		7.13%			11/06/2023		1,708,000
	6,000,000	Central American Bottling Corporation		6.75%			02/09/2022		6,300,000
	2,000,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		1,725,000
	1,900,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		1,638,750
	10,100,000	CNOOC Finance Ltd.		2.63%			05/05/2020		10,310,120
	700,000	CNOOC Finance Ltd.		4.25%			01/26/2021		757,985
	2,295,000	CNPC General Capital Ltd.		2.75%			05/14/2019		2,349,375
	400,000	CNPC General Capital Ltd.		2.70%			11/25/2019		411,451
	1,500,000	Colbun S.A.		6.00%			01/21/2020		1,680,781
	500,000	Columbus International, Inc.		7.38%			03/30/2021		532,375
	2,700,000	Comcel Trust		6.88%			02/06/2024		2,789,640
	2,322,000	CorpGroup Banking S.A.		6.75%			03/15/2023		2,249,438
	3,500,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		3,390,625
	2,500,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		2,462,500
	7,310,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		7,364,825
	7,000,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		7,035,000
	5,700,000	DBS Bank Ltd.		3.63%	#		09/21/2022		5,797,253
	5,000,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		5,281,250
	2,000,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		2,132,500
	500,000	Digicel Ltd.		7.00%			02/15/2020		480,000
	3,900,000	Digicel Ltd.		7.13%	^		04/01/2022		3,021,330
	7,100,000	Digicel Ltd.		7.13%			04/01/2022		5,500,370
	1,500,000	Eldorado International Finance GMBH		8.63%	^		06/16/2021		1,237,500
	8,200,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		8,487,000
	12,000,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		11,829,948
	3,500,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		3,363,262
	2,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		2,272,500
	6,619,251	ENA Norte Trust		4.95%			04/25/2023		6,917,117
	3,000,000	Export-Import Bank of India		2.75%			04/01/2020		3,053,514
	6,000,000	Export-Import Bank of India		3.13%			07/20/2021		6,199,776
	4,834,550	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		4,979,586
	966,910	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		995,917
	1,100,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		1,137,950

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,225,000	Fortis, Inc.		2.10%	^		10/04/2021		3,215,228
	5,000,000	Freeport-McMoRan Copper & Gold, Inc.		5.45%			03/15/2043		4,075,000
	3,000,000	Global Bank Corporation		4.75%			10/05/2017		3,094,650
	5,000,000	Global Bank Corporation		5.13%	^		10/30/2019		5,262,500
	5,000,000	Global Bank Corporation		5.13%			10/30/2019		5,262,500
	1,000,000	GNL Quintero S.A.		4.63%			07/31/2029		1,052,500
	11,000,000	Grupo Aval Ltd.		4.75%			09/26/2022		10,912,000
	3,950,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		4,187,000
	4,350,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		4,360,875
	5,000,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		5,025,000
	2,890,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		2,904,450
	4,000,000	GrupoSura Finance S.A.		5.70%			05/18/2021		4,370,000
	11,142,774	Guanay Finance Ltd.		6.00%			12/15/2020		11,435,272
	2,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		2,045,000
	3,000,000	Hutchison Whampoa International Ltd.		3.25%			11/08/2022		3,190,845
	1,500,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		1,698,529
	800,000	Industrial Senior Trust		5.50%	^		11/01/2022		796,000
	8,484,000	Industrial Senior Trust		5.50%			11/01/2022		8,441,580
	1,668,000	Inkia Energy Ltd.		8.38%			04/04/2021		1,737,222
	3,882,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		4,134,330
	2,300,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		2,449,500
	1,375,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		959,062
	740,000	Intelsat Jackson Holdings S.A.		8.00%	^		02/15/2024		745,550
	3,000,000	IOI Investment BHD		4.38%			06/27/2022		3,186,348
	7,800,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		8,260,200
	745,000	Kronos Acquisition Holdings, Inc.		9.00%	^		08/15/2023		771,537
	3,000,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		3,090,000
	5,000,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		5,593,750
	1,453,000	Lundin Mining Corporation		7.50%	^		11/01/2020		1,551,077
	1,600,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		1,328,000
	5,168,000	Malayan Banking BHD		3.25%	#		09/20/2022		5,223,618
	2,500,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		2,567,500
	3,500,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		3,552,500
	4,000,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		4,060,000
	10,645,000	Mylan N.V.		3.15%	^		06/15/2021		10,857,208
	10,095,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		10,852,125
	1,580,000	NXP Funding LLC		4.13%	^		06/01/2021		1,696,525
	770,000	NXP Funding LLC		3.88%	^		09/01/2022		808,500
	5,300,000	OAS Financial Ltd.		8.88%	^†W		04/25/2018		265,000
	1,500,000	OAS Financial Ltd.		8.88%	†W		04/29/2049		75,000
	1,700,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		697,000
	1,500,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		712,500
	5,800,000	ONGC Videsh Ltd.		3.25%			07/15/2019		5,965,300
	2,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		2,047,340
	10,189,000	Orange S.A.		2.75%			02/06/2019		10,493,743
	14,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		14,637,000
	4,700,000	Pacific Rubiales Energy Corporation		5.13%	W		03/28/2023		893,000
	1,500,000	Pacific Rubiales Energy Corporation		5.13%	^W		03/28/2023		285,000
	1,000,000	Pacific Rubiales Energy Corporation		5.63%	W		01/19/2025		190,000

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 43

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,000,000	Pacific Rubiales Energy Corporation		5.63%	^W		01/19/2025		950,000
	6,450,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		5,395,425
	1,000,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		797,500
	1,800,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		1,435,500
	8,400,000	Petroleos Mexicanos		3.50%			07/18/2018		8,614,200
	1,500,000	Petroleos Mexicanos		5.50%			02/04/2019		1,585,500
	10,970,000	Petroleos Mexicanos		6.75%	^		09/21/2047		10,953,545
	1,930,000	Petroleos Mexicanos		6.63%	†		09/29/2049		1,901,372
	11,000,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		11,262,185
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		270,466
	1,000,000	Reliance Holdings, Inc.		5.40%			02/14/2022		1,128,027
	500,000	Reliance Holdings, Inc.		4.13%			01/28/2025		522,094
	3,140,000	Royal Bank of Canada		2.50%			01/19/2021		3,242,907
	600,000	SACI Falabella		3.75%			04/30/2023		627,404
	10,970,000	Shire Acquisitions Investments Ireland DAC		2.88%			09/23/2023		11,037,422
	805,000	Sinopec Group Overseas Development Ltd.		2.13%			05/03/2019		811,078
	1,050,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		1,069,431
	1,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		1,027,661
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		977,500
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%			11/07/2021		977,500
	2,813,000	SUAM Finance B.V.		4.88%			04/17/2024		2,990,219
	10,190,000	Sumitomo Mitsui Financial Group, Inc.		2.93%			03/09/2021		10,480,181
	5,035,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		4,997,711
	350,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		364,255
	9,791,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		9,913,388
	5,000,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		5,200,000
	3,800,000	Tencent Holdings Ltd.		3.38%			05/02/2019		3,938,670
	200,000	Tencent Holdings Ltd.		2.88%			02/11/2020		205,511
	10,582,000	Teva Pharmaceutical Finance Company B.V.		2.95%			12/18/2022		10,865,968
	3,600,000	Teva Pharmaceutical Finance Netherlands B.V.		2.80%			07/21/2023		3,615,988
	16,105,000	Toronto Dominion Bank		1.80%			07/13/2021		16,053,158
	1,000,000	Transelec S.A.		3.88%	^		01/12/2029		1,030,000
	1,175,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		1,227,287
	11,325,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		11,828,963
	3,350,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		2,818,188

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		2,360,000
	1,000,000	Union Andina de Cementos S.A.A.		5.88%	^		10/30/2021		1,052,400
	10,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		10,378,300
	3,000,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		3,096,411
	5,000,000	VTR Finance B.V.		6.88%			01/15/2024		5,187,500
	9,280,000	Westpac Banking Corporation		2.60%			11/23/2020		9,544,072
	1,175,000	Westpac Banking Corporation		2.00%			08/19/2021		1,175,189
		Total Foreign Corporate Bonds (Cost $737,924,533)							728,399,453
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.8%
	5,800,000	Costa Rica Government International Bond		10.00%			08/01/2020		7,061,500
	2,918,248	Dominican Republic International Bond		9.04%			01/23/2018		3,064,161
	5,000,000	Hungary Government International Bond		4.00%			03/25/2019		5,251,900
	14,442,000	Mexico Government International Bond		4.00%			10/02/2023		15,481,824
	6,700,000	Panama Government International Bond		5.20%			01/30/2020		7,420,250
	8,500,000	Poland Government International Bond		5.13%			04/21/2021		9,621,762
	12,500,000	Qatar Government International Bond		2.38%			06/02/2021		12,618,087
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $59,754,178)							60,519,484
	MUNICIPAL BONDS 0.1%
	4,500,000	New York State Dormitory Authority		5.00%			03/15/2033		5,458,410
	4,480,000	State of California		5.00%			08/01/2033		5,463,315
		Total Municipal Bonds (Cost $10,094,464)							10,921,725
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 7.1%
		BAMLL Commercial Mortgage Securities Trust,
	2,000,000	Series 2014-IP-E		2.81%	#^		06/15/2028		1,976,026
	118,650,000	Series 2015-200P-XA		0.50%	#^ I/O		04/14/2033		3,609,297
		Bear Stearns Commercial Mortgage Securities, Inc.,
	3,775,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		3,642,137
		CD Commercial Mortgage Trust,
	3,887,000	Series 2007-CD4-AM		5.30%	#^		12/11/2049		3,923,605
	5,066,300	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		5,115,084
		CFCRE Commercial Mortgage Trust,
	75,176,911	Series 2016-C3-XA		1.25%	# I/O		01/10/2048		5,876,669
	3,214,000	CGCMT Commercial Mortgage Trust		3.52%	^		09/10/2031		3,218,520
		Citigroup Commercial Mortgage Trust,
	11,259,399	Series 2012-GC8-XA		2.31%	#^ I/O		09/10/2045		775,850
	4,234,500	Series 2015-GC27-D		4.58%	#^		02/10/2048		3,462,123
	4,233,250	Series 2015-GC27-XA		1.58%	# I/O		02/10/2048		374,082
	5,572,000	Series 2015-GC35-C		4.65%			11/10/2048		5,750,560
	74,039,454	Series 2015-GC35-XA		1.06%	# I/O		11/10/2048		4,206,870
	46,087,579	Series 2016-P3-XA		1.88%	# I/O		04/15/2049		5,395,192
	8,530,000	Series 2016-P4-A4		2.90%			07/10/2049		8,803,316
	58,906,880	Series 2016-P4-XA		2.18%	# I/O		07/10/2049		8,506,083

44 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		COBALT Commercial Mortgage Trust,
	2,602,680	Series 2007-C2-AJFX		5.57%	#		04/15/2047		2,603,970
		Commercial Mortgage Pass-Through Certificates,
	4,312,747	Series 2002-LC4-XA		2.48%	#^ I/O		12/10/2044		362,977
	1,059,312	Series 2010-C1-XPA		1.74%	#^ I/O		07/10/2046		18,650
	27,717,367	Series 2012-CR3-XA		2.08%	# I/O		10/15/2045		2,265,748
	3,500,000	Series 2014-CR20-C		4.66%	#		11/10/2047		3,644,907
	5,000,000	Series 2015-CR23-D		4.40%	#		05/10/2048		3,859,693
	1,400,000	Series 2015-CR25-C		4.70%	#		08/10/2048		1,462,002
	61,448,832	Series 2015-CR26-XA		1.21%	# I/O		10/10/2048		4,186,632
	4,310,000	Series 2015-LC21-C		4.46%	#		07/10/2048		4,088,251
	5,579,000	Series 2015-LC23-C		4.80%	#		10/10/2053		5,834,419
	6,664,000	Series 2016-CCRE28		4.80%	#		02/10/2049		6,845,298
	3,786,000	Series 2016-DC2-C		4.80%	#		02/10/2049		3,961,577
	59,946,510	Series 2016-DC2-XA		1.24%	# I/O		02/10/2049		4,407,279
		Credit Suisse First Boston Mortgage Securities Corporation,
	78,549	Series 1998-C2-F		6.75%	#^		11/15/2030		79,021
		Credit Suisse Mortgage Capital Certificates,
	9,157,000	Series 2007-C4-A1AM		6.13%	#		09/15/2039		9,408,924
	3,800,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		3,830,879
	5,135,000	Series 2015-SAND-D		3.37%	#^		08/15/2030		5,055,085
		CSAIL Commercial Mortgage Trust,
	5,597,000	Series 2015-C4-C		4.74%	#		11/15/2048		5,752,721
	59,042,097	Series 2016-C6-XA		1.98%	# I/O		01/15/2049		7,089,869
		DBRR Trust,
	1,000,000	Series 2011-C32-A3B		5.89%	#^		06/17/2049		1,011,401
		DBUBS Mortgage Trust,
	3,558,301	Series 2011-LC2A-XA		1.33%	#^ I/O		07/10/2044		139,671
		Deutsche Bank Commercial Mortgage Trust,
	62,115,757	Series 2016-C1-XA		1.66%	# I/O		05/10/2049		6,687,681
		Deutsche Bank Mortgage Trust,
	4,475,000	Series 2016-C1-C		3.51%	#		05/10/2049		4,341,205
		GE Commercial Mortgage Corporation Trust,
	4,078,000	Series 2007-C1-AM		5.61%	#		12/10/2049		4,043,054
		Greenwich Capital Commercial Funding Corporation,
	3,795,300	Series 2007-GG11-AJ		6.24%	#		12/10/2049		3,799,536
	3,500,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		3,613,227
	3,681,100	Series 2007-GG9-AMFX		5.48%			03/10/2039		3,709,090
		GS Mortgage Securities Corporation,
	424,651	Series 2006-GG6-XC		0.00%	#^ I/O		04/10/2038		4
	5,134,653	Series 2007-GG10-A4		5.99%	#		08/10/2045		5,218,411
	3,025,489	Series 2011-GC5-XA		1.54%	#^ I/O		08/10/2044		160,342
	5,067,835	Series 2012-GC6-XA		2.18%	#^ I/O		01/10/2045		422,705
	3,741,000	Series 2014-GC26-C		4.66%	#		11/10/2047		3,886,125
	3,748,000	Series 2014-GC26-D		4.66%	#^		11/10/2047		3,087,486
	99,516,090	Series 2015-GS1-XA		0.99%	# I/O		11/10/2048		5,930,791
	61,933,356	Series 2016-GS2-XA		1.82%	# I/O		05/10/2049		7,146,645
	5,663,000	Series 2016-ICE2-A		2.45%	#^		02/15/2033		5,694,774
		GS Mortgage Securities Trust,
	96,903,000	Series 2016-GS3-XA		1.29%	# I/O		10/10/2049		8,859,618
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	4,536,219	Series 2006-LDP8-X		0.68%	# I/O		05/15/2045		40
	2,500,000	Series 2006-LDP9-AM		5.37%			05/15/2047		2,507,885
	1,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		1,009,200
	5,055,300	Series 2007-CB20-AJ		6.29%	#		02/12/2051		5,057,612
	5,568,600	Series 2007-CIBC19-AM		5.88%	#		02/12/2049		5,665,663
	6,350,000	Series 2007-LD12-AM		6.21%	#		02/15/2051		6,526,369
	12,050,000	Series 2009-IWST-XB		0.54%	#^ I/O		12/05/2027		137,081
	1,000,000	Series 2009-RR2-GEB		5.54%	^		12/13/2049		1,002,366
	8,219,676	Series 2011-C4-XA		1.55%	#^ I/O		07/15/2046		245,314
	30,394,026	Series 2012-C8-XA		2.17%	# I/O		10/15/2045		2,195,649
	6,043,265	Series 2012-CBX-XA		1.84%	# I/O		06/15/2045		375,686
	1,700,000	Series 2015-CSMO-C		2.77%	#^		01/15/2032		1,697,625
	79,621,756	Series 2015-JP1-XA		1.31%	# I/O		01/15/2049		5,050,750
		JP Morgan Chase Commercial Mortgage Securities Trust,
	6,097,000	Series 2007-LD11-AM		5.94%	#		06/15/2049		6,141,070
	9,216,900	Series 2007-LDPX-AM		5.46%	#		01/15/2049		9,044,480
	2,704,000	Series 2016-JP2-B		3.46%	#		08/15/2049		2,798,765

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Trust, (Cont.)
	2,080,000	Series 2016-JP2-C		3.95%	#		08/15/2049		2,077,473
	60,523,494	Series 2016-JP2-XA		2.02%	# I/O		08/15/2049		8,445,866
		JPMBB Commercial Mortgage Securities Trust,
	57,635,595	Series 2014-C18-XA		1.25%	# I/O		02/15/2047		2,896,805
	3,000,000	Series 2014-C21-C		4.82%	#		08/15/2047		3,135,410
	2,766,125	Series 2014-C23-C		4.61%	#		09/15/2047		2,916,376
	3,766,500	Series 2014-C25-C		4.60%	#		11/15/2047		3,909,907
	58,393,008	Series 2014-C25-XA		1.15%	# I/O		11/15/2047		3,284,712
	50,648,196	Series 2014-C26-XA		1.32%	# I/O		01/15/2048		3,005,545
	4,474,600	Series 2015-C27-D		3.98%	#^		02/15/2048		3,405,761
	34,484,298	Series 2015-C27-XA		1.52%	# I/O		02/15/2048		2,543,472
	4,500,000	Series 2015-C30-B		4.46%	#		07/15/2048		4,544,652
	51,880,222	Series 2015-C31-XA		1.17%	# I/O		08/15/2048		3,223,759
	4,750,000	Series 2015-C32-C		4.82%	#		11/15/2048		4,552,197
	6,470,000	Series 2015-C33-C		4.77%	#		12/15/2048		6,811,228
	6,122,000	Series 2016-C1-C		4.90%	#		03/15/2049		6,515,376
	63,722,082	Series 2016-C2-XA		1.87%	# I/O		06/15/2049		6,909,857
		LB Commercial Mortgage Trust,
	1,579,500	Series 2007-C3-AM		6.11%	#		07/15/2044		1,614,611
	3,000,000	Series 2007-C3-AMFL		6.11%	#^		07/15/2044		3,070,333
		LB-UBS Commercial Mortgage Trust,
	2,010,453	Series 2006-C7-XCL		0.90%	#^ I/O		11/15/2038		3,524
	1,621,401	Series 2006-C7-XW		0.90%	#^ I/O		11/15/2038		2,842
	5,488,832	Series 2007-C1-AJ		5.48%			02/15/2040		5,502,576
	5,732,000	Series 2007-C2-AM		5.49%	#		02/15/2040		5,824,624
	4,708,000	Series 2007-C7-AJ		6.45%	#		09/15/2045		4,741,123
		LSTAR Commercial Mortgage Trust,
	5,425,000	Series 2016-4-C		4.70%	#^		03/10/2049		5,296,189
		Merrill Lynch Mortgage Trust,
	606,586	Series 2006-C1-AJ		5.79%	#		05/12/2039		606,316
	111,375	Series 2006-C2-AJ		5.80%	#		08/12/2043		111,326
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	3,728,700	Series 2007-5-AM		5.42%			08/12/2048		3,760,316
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,658,706	Series 2012-C5-XA		1.88%	#^ I/O		08/15/2045		154,221
	3,000,000	Series 2014-C18-C		4.64%	#		10/15/2047		3,160,481
	4,000,000	Series 2014-C19-C		4.00%			12/15/2047		3,862,017
	39,266,035	Series 2015-C20-XA		1.56%	# I/O		02/15/2048		3,147,499
	4,600,000	Series 2015-C25-C		4.68%	#		10/15/2048		4,847,570
	7,500,000	Series 2015-C26-D		3.06%	^		10/15/2048		5,448,384
	4,674,000	Series 2015-C27-C		4.69%	#		12/15/2047		4,740,706
	6,710,000	Series 2015-C27-D		3.24%	#^		12/15/2047		4,355,912
	84,622,000	Series 2016-C30-XA		1.47%	# I/O		09/15/2049		9,140,022
		Morgan Stanley Capital, Inc.,
	1,331,138	Series 2006-HQ8-AJ		5.59%	#		03/12/2044		1,337,666
	3,462,000	Series 2007-1Q16-AMA		6.25%	#		12/12/2049		3,575,882
	2,325,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		2,295,122
	3,700,000	Series 2007-IQ13-AM		5.41%			03/15/2044		3,729,572
	1,400,000	Series 2007-IQ16-AM		6.25%	#		12/12/2049		1,451,184
	12,752,775	Series 2011-C1-XA		0.63%	#^ I/O		09/15/2047		200,203
	4,000,000	Series 2014-CPT-G		3.56%	#^		07/13/2029		3,886,676
	4,000,000	Series 2014-MP-D		3.82%	#^		08/11/2029		4,048,986
	93,199,062	Series 2015-UBS8-XA		1.13%	# I/O		12/15/2048		6,228,046
	5,617,000	Series 2015-XLF2-AFSC		3.52%	#^		08/15/2026		5,615,601
	32,380,000	Series 2016-UB11-XA		1.83%	# I/O		08/15/2049		3,621,418
		SG Commercial Mortgage Securities Trust,
	55,211,183	Series 2016-C5-XA		2.20%	# I/O		10/10/2048		7,383,320
		TIAA Seasoned Commercial Mortgage Trust,
	211,366	Series 2007-C4-AJ		5.48%	#		08/15/2039		213,432
		UBS-Barclays Commercial Mortgage Trust,
	13,912,665	Series 2012-C3-XA		2.22%	#^ I/O		08/10/2049		1,144,766
		Wachovia Bank Commercial Mortgage Trust,
	525,192	Series 2006-C24-AJ		5.66%	#		03/15/2045		524,542
	2,500,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		2,492,798
	4,029,000	Series 2006-C29-AM		5.34%			11/15/2048		4,041,477
	7,971,849	Series 2006-C29-IO		0.48%	# I/O		11/15/2048		2,675
	1,900,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		1,903,871

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 45

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wachovia Bank Commercial Mortgage Trust, (Cont.)
	5,488,832	Series 2007-C33-AM		6.16%	#		02/15/2051		5,603,432
	2,500,000	Series 2007-C33-B		6.16%	#		02/15/2051		2,414,289
		Wells Fargo Commercial Mortgage Trust,
	6,750,000	Series 2014-LC16-D		3.94%	^		08/15/2050		5,539,255
	2,200,000	Series 2015-C28-C		4.27%	#		05/15/2048		2,078,855
	5,403,000	Series 2015-C31-C		4.77%	#		11/15/2048		5,660,934
	78,512,181	Series 2015-C31-XA		1.27%	# I/O		11/15/2048		5,851,513
	4,610,000	Series 2015-LC22-C		4.69%	#		09/15/2058		4,806,680
	55,899,502	Series 2015-NXS1-XA		1.33%	# I/O		05/15/2048		3,854,874
	4,000,000	Series 2015-NXS3-C		4.64%	#		09/15/2057		3,874,870
	5,672,000	Series 2015-NXS4-C		4.76%	#		12/15/2048		5,945,979
	5,613,000	Series 2015-P2-A4		3.81%			12/15/2048		6,215,649
	78,874,616	Series 2015-P2-XA		1.17%	# I/O		12/15/2048		5,314,138
	4,650,000	Series 2016-C32-C		4.88%	#		01/15/2059		4,570,789
	4,483,000	Series 2016-C33-C		3.90%			03/15/2059		4,462,373
	17,786,913	Series 2016-LC24-XA		1.75%	# I/O		10/15/2049		2,173,917
		WF-RBS Commercial Mortgage Trust,
	18,303,213	Series 2012-C9-XA		2.28%	#^ I/O		11/15/2045		1,522,811
	87,587,766	Series 2014-C21-XA		1.32%	# I/O		08/15/2047		5,534,995
	56,045,234	Series 2014-C22-XA		1.09%	# I/O		09/15/2057		2,864,735
	59,054,184	Series 2014-C24-XA		1.12%	# I/O		11/15/2047		3,290,977
	82,589,000	Series 2016-NXS6-XA		1.81%	# I/O		11/15/2049		9,174,151
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $543,980,773)							538,622,078
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 7.8%
		Adjustable Rate Mortgage Trust,
	12,693,801	Series 2007-1-4A1		4.16%	#		03/25/2037		9,884,764
	85,567	Series 2007-3-1A1		3.97%	#^		11/25/2037		72,237
		Banc of America Funding Corporation,
	1,593,209	Series 2005-G-A3		3.06%	#		10/20/2035		1,498,098
	810,203	Series 2006-2-6A2		5.50%			03/25/2036		804,470
	554,406	Series 2006-6-1A2		6.25%			08/25/2036		546,131
		Bayview Opportunity Master Fund Trust,
	37,949,862	Series 2016-RPL3-A1		3.47%	#^		07/28/2031		38,016,996
		BCAP LLC Trust,
	256,325	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		257,371
		Bear Stearns Asset Backed Securities Trust,
	287,021	Series 2007-SD1-1A3A		6.50%			10/25/2036		222,637
		Chase Mortgage Finance Trust,
	4,454,840	Series 2007-A2-6A4		3.00%	#		07/25/2037		3,959,749
	1,656,925	Series 2007-S3-2A1		5.50%			05/25/2037		1,312,239
		CIM Trust,
	20,000,000	Series 2016-2RR-B2		13.12%	#^		02/27/2056		17,923,652
	20,000,000	Series 2016-3RR-B2		13.56%	#^		02/27/2056		17,973,438
		Citicorp Mortgage Securities, Inc.,
	125,120	Series 2005-1-1A4		5.50%			02/25/2035		127,688
		Citicorp Residential Mortgage Securities, Inc.,
	1,800,000	Series 2006-2-A5		5.79%	#		09/25/2036		1,865,244
		Citigroup Mortgage Loan Trust, Inc.,
	337,851	Series 2006-WF2-A2C		5.85%	#		05/25/2036		211,640
	4,928,000	Series 2008-AR4-2A1B		3.13%	#^		11/25/2038		4,720,178
	2,574,503	Series 2010-8-5A4		6.29%	#^		11/25/2036		2,413,757
	13,064,892	Series 2010-8-6A4		6.30%	#^		12/25/2036		12,183,153
	257,384	Series 2011-12-3A1		3.03%	#^		09/25/2047		256,829
		CitiMortgage Alternative Loan Trust,
	198,857	Series 2006-A2-A2		6.00%			05/25/2036		173,718
	97,242	Series 2006-A5-3A3		6.00%			10/25/2036		80,475
	212,046	Series 2007-A1-1A7		6.00%			01/25/2037		183,767
	12,000,386	Series 2007-A5-1A10		5.75%			05/25/2037		11,084,904
		Countrywide Alternative Loan Trust,
	2,202,131	Series 2004-22CB-1A1		6.00%			10/25/2034		2,372,566
	260,378	Series 2005-20CB-1A1		5.50%			07/25/2035		238,947
	304,976	Series 2005-28CB-3A6		6.00%			08/25/2035		231,066

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
	1,485,851	Series 2005-46CB-A22		5.25%			10/25/2035		1,377,048
	248,828	Series 2005-J10-1A13		1.23%	#		10/25/2035		188,584
	503,296	Series 2006-26CB-A9		6.50%			09/25/2036		401,528
	12,097,273	Series 2006-42-1A8		6.00%			01/25/2047		10,174,662
	1,867,445	Series 2007-12T1-A1		6.00%			06/25/2037		1,448,012
	2,029,285	Series 2007-16CB-2A1		0.98%	#		08/25/2037		1,113,062
	587,630	Series 2007-16CB-2A2		50.21%	# I/F		08/25/2037		1,470,889
	145,190	Series 2007-17CB-1A10		27.48%	# I/F		08/25/2037		243,771
	712,706	Series 2007-18CB-2A17		6.00%			08/25/2037		648,451
	3,059,111	Series 2007-23CB-A3		1.03%	#		09/25/2037		1,643,645
	3,005,056	Series 2007-23CB-A4		5.97%	# I/F I/O		09/25/2037		879,593
	800,992	Series 2007-4CB-2A1		7.00%			03/25/2037		247,878
		Countrywide Asset-Backed Certificates,
	113,909	Series 2005-13-AF3		4.81%	#		04/25/2036		101,554
		Countrywide Home Loans,
	47,242	Series 2002-32-2A6		5.00%			01/25/2018		47,504
	550,062	Series 2005-28-A7		5.25%			01/25/2019		500,335
	1,039,483	Series 2007-10-A5		6.00%			07/25/2037		878,426
	466,223	Series 2007-15-1A16		6.25%			09/25/2037		434,347
	1,271,775	Series 2007-3-A17		6.00%			04/25/2037		1,107,263
		Credit Suisse First Boston Mortgage Securities Corporation,
	135,831	Series 2005-10-5A5		5.50%			11/25/2035		126,482
	1,959,445	Series 2005-8-1A3		5.25%			09/25/2035		1,767,529
		Credit Suisse Mortgage Capital Certificates,
	5,432,314	Series 2006-4-6A1		6.00%			05/25/2036		4,341,696
	116,798	Series 2006-4-7A1		5.50%			05/25/2021		112,100
	134,751	Series 2007-1-3A1		6.00%			02/25/2022		103,114
	44,811	Series 2007-2-2A1		5.00%			03/25/2037		44,186
	5,879,871	Series 2010-4R-3A17		6.00%	#^		06/26/2037		5,722,157
	10,637,053	Series 2013-IVR1-A1		2.50%	#^		03/25/2043		10,514,488
	22,003,321	Series 2013-IVR4-A11		3.49%	#^		07/25/2043		22,575,025
	18,292,051	Series 2015-PR2-A1		4.25%	#^		07/26/2055		18,142,724
	45,228,704	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		44,667,000
	14,230,940	Series 2016-PR1-A1		5.13%	#^		07/25/2056		14,169,765
		CSMC Trust,
	50,060,322	Series 2014-WIN2		3.50%	#^		10/25/2044		51,591,387
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	14,474,277	Series 2005-6-2A1		5.50%			12/25/2035		12,211,688
		Deutsche Mortgage Securities, Inc.,
	1,713,701	Series 2006-PR1-3A1		11.39%	#^ I/F		04/15/2036		1,919,718
	204,433	Series 2006-PR1-4AI2		13.60%	#^ I/F		04/15/2036		253,706
	1,543,468	Series 2006-PR1-5AI4		11.39%	#^ I/F		04/15/2036		1,734,320
		First Horizon Alternative Mortgage Securities,
	489,293	Series 2006-FA2-1A5		6.00%			05/25/2036		396,083
	4,602,148	Series 2006-FA8-1A1		6.25%			02/25/2037		3,650,347
	116,038	Series 2006-RE1-A1		5.50%			05/25/2035		104,232
		FirstKey Mortgage Trust,
	13,271,491	Series 2014-1-A8		3.50%	#^		11/25/2044		13,623,090
		GMACM Mortgage Loan Trust,
	6,403,107	Series 2006-J1-A6		5.75%			04/25/2036		6,042,247
		GSAA Home Equity Trust,
	317,994	Series 2005-7-AF5		4.61%	#		05/25/2035		331,095
	1,668,859	Series 2007-10-A1A		6.00%			11/25/2037		1,423,436
	1,495,530	Series 2007-10-A2A		6.50%			11/25/2037		1,044,029
		GSR Mortgage Loan Trust,
	65,213	Series 2006-2F-5A1		4.50%			01/25/2021		63,007
	6,516,140	Series 2006-3F-4A1		6.00%			03/25/2036		5,933,321
	849,147	Series 2007-1F-2A2		5.50%			01/25/2037		807,713
		Impac Secured Assets Trust,
	36,661,562	Series 2006-5-1A1C		0.80%	#		02/25/2037		27,049,810
		JP Morgan Alternative Loan Trust,
	406,389	Series 2006-S2-A4		6.19%	#		05/25/2036		332,783
	9,272,797	Series 2006-S3-A4		6.31%	#		08/25/2036		7,912,710
	907,301	Series 2006-S3-A6		6.12%	#		08/25/2036		893,632
	1,142,646	Series 2006-S4-A6		5.71%	#		12/25/2036		1,107,562
		JP Morgan Mortgage Trust,
	375,709	Series 2007-S3-1A7		6.00%			08/25/2037		326,553

46 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Resecuritization Trust,
	365,431	Series 2011-2-2A3		3.24%	#^		07/26/2036		365,119
		Lehman Mortgage Trust,
	2,243,136	Series 2005-1-2A4		5.50%			11/25/2035		2,074,090
	839,655	Series 2006-3-1A5		6.00%			07/25/2036		661,729
	58,060	Series 2006-9-1A19		28.27%	# I/F		01/25/2037		92,244
	958,479	Series 2007-10-2A1		6.50%			01/25/2038		736,431
	210,705	Series 2007-2-1A1		5.75%			02/25/2037		184,411
		MASTR Alternative Loans Trust,
	132,512	Series 2005-2-3A1		6.00%			03/25/2035		126,833
	59,469	Series 2007-1-2A7		6.00%			10/25/2036		42,829
		MASTR Asset Securitization Trust,
	182,664	Series 2003-2-30B2		5.75%			04/25/2033		180,763
	3,329,867	Series 2006-2-1A11		6.00%	#		06/25/2036		3,194,290
		Morgan Stanley Mortgage Loan Trust,
	137,363	Series 2004-1-1A1		5.00%			11/25/2018		141,037
	1,467,528	Series 2005-7-7A4		5.50%			11/25/2035		1,516,170
	3,897,976	Series 2006-7-3A		5.18%	#		06/25/2036		3,244,862
		Morgan Stanley Re-Remic Trust,
	2,372,882	Series 2010-R6-5C		5.75%	#^		05/26/2037		2,162,220
		Nomura Asset Acceptance Corporation,
	250,003	Series 2006-AP1-A2		5.52%	#		01/25/2036		145,383
		Nomura Home Equity Loan, Inc.,
	665,925	Series 2006-AF1-A2		5.80%	#		10/25/2036		333,845
	1,191,949	Series 2007-1-1A1		6.06%	#		02/25/2037		553,982
		Option One Mortgage Loan Trust,
	73,936	Series 2004-3-M3		1.50%	#		11/25/2034		67,979
		PHH Alternative Mortgage Trust,
	536,865	Series 2007-2-4A1		6.00%			05/25/2022		484,118
		PR Mortgage Loan Trust,
	12,122,353	Series 2014-1-APT		5.91%	#		10/25/2049		12,505,444
		Residential Accredit Loans, Inc.,
	274,752	Series 2004-QS15-A1		5.25%			11/25/2034		280,585
	510,012	Series 2005-QS14-3A3		6.00%			09/25/2035		488,607
	89,608	Series 2005-QS1-A5		5.50%			01/25/2035		89,617
	565,558	Series 2006-QS10-A4		5.75%			08/25/2036		463,395
	6,171,358	Series 2006-QS10-A9		6.50%			08/25/2036		5,306,027
	6,129,604	Series 2006-QS4-A10		6.00%			04/25/2036		5,323,182
	1,236,309	Series 2006-QS6-1A15		6.00%			06/25/2036		1,069,144
	283,285	Series 2006-QS6-2A1		6.00%			06/25/2021		278,667
	1,909,589	Series 2007-QS3-A4		6.25%			02/25/2037		1,573,036
	6,681,864	Series 2007-QS9-A33		6.50%			07/25/2037		5,722,843
		Residential Asset Mortgage Products, Inc.,
	440,100	Series 2005-RS1-AI5		5.41%	#		01/25/2035		443,116
		Residential Asset Securitization Trust,
	246,201	Series 2005-A10-A3		5.50%			09/25/2035		209,737
	344,912	Series 2005-A11-2A4		6.00%			10/25/2035		277,098
	77,668	Series 2005-A7-A3		5.50%			06/25/2035		67,482
	1,927,048	Series 2006-A6-1A1		6.50%			07/25/2036		1,015,996
	181,780	Series 2006-R1-A1		26.30%	# I/F		01/25/2046		332,501
		Residential Funding Mortgage Securities Trust,
	157,971	Series 2006-S10-1A2		6.00%			10/25/2036		150,670
	817,496	Series 2006-S11-A3		6.00%			11/25/2036		767,331
	1,507,631	Series 2007-S2-A4		6.00%			02/25/2037		1,422,095
	1,034,482	Series 2007-S3-1A4		6.00%			03/25/2037		934,940
		Securitized Mortgage Asset Loan Trust,
	48,039,932	Series 2015-1-PC		1.51%	#^¥		02/25/2054		37,236,957
	9,126,224	Series 2015-2-PC		3.57%	^¥		12/26/2059		8,099,186
	14,255,770	Series 2015-3-PC		3.59%	^¥		10/25/2044		13,316,600
		Structured Asset Securities Corporation,
	1,192,806	Series 2003-35-1A1		5.15%	#		12/25/2033		1,227,060
	1,712,707	Series 2005-14-1A1		0.83%	#		07/25/2035		1,423,132
	1,537,907	Series 2005-16-1A3		5.50%			09/25/2035		1,530,798
	1,692,358	Series 2005-RF1-A		0.88%	#^		03/25/2035		1,395,759
	1,705,452	Series 2005-RF1-AIO		4.64%	#^ I/O		03/25/2035		323,622
		Washington Mutual Mortgage Pass-Through Certificates,
	177,347	Series 2005-1-2A		6.00%			03/25/2035		163,496

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Washington Mutual Mortgage Pass-Through Certificates, (Cont.)
	1,383,197	Series 2006-1-3A1		5.75%			02/25/2036		1,282,880
	3,065,002	Series 2006-2-4CB		6.00%			03/25/2036		2,923,487
	5,321,754	Series 2006-8-A6		4.57%	#		10/25/2036		3,575,498
	4,140,485	Series 2006-AR19-2A		1.94%	#		01/25/2047		3,733,120
	2,797,031	Series 2007-3-A6		6.00%			04/25/2037		2,626,804
	185,532	Series 2007-5-A11		36.33%	# I/F		06/25/2037		455,593
	12,873,368	Series 2007-5-A3		7.00%			06/25/2037		8,433,176
		Wells Fargo Alternative Loan Trust,
	1,839,821	Series 2007-PA5-1A1		6.25%			11/25/2037		1,773,188
		Wells Fargo Mortgage Backed Securities Trust,
	1,425,044	Series 2005-17-1A1		5.50%			01/25/2036		1,400,312
	89,407	Series 2005-AR14-A6		3.01%	#		08/25/2035		84,709
	139,733	Series 2005-AR16-6A4		3.07%	#		10/25/2035		134,604
	578,029	Series 2006-2-3A1		5.75%			03/25/2036		586,123
	1,172,368	Series 2006-7-2A1		6.00%			06/25/2036		1,131,065
	1,366,500	Series 2007-10-1A5		6.00%			07/25/2037		1,368,433
	1,708,649	Series 2007-10-2A11		6.00%			07/25/2037		1,643,590
	2,418,971	Series 2007-11-A96		6.00%			08/25/2037		2,408,542
	2,757,154	Series 2007-14-1A1		6.00%			10/25/2037		2,717,122
	683,441	Series 2007-4-A16		5.50%			04/25/2037		664,210
	167,289	Series 2007-7-A1		6.00%			06/25/2037		165,119
		WinWater Mortgage Loan Trust,
	23,291,346	Series 2015-5-A3		3.50%	#^		08/20/2045		24,180,250
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $591,080,573)							593,595,284
	US CORPORATE BONDS 13.6%
	5,641,000	21st Century Fox America, Inc.		4.75%			09/15/2044		6,217,301
	10,271,000	AbbVie, Inc.		4.70%			05/14/2045		11,131,422
	10,002,000	Actavis Funding SCS		2.35%			03/12/2018		10,107,991
	1,788,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		1,865,619
	11,458,000	Air Lease Corporation		3.75%			02/01/2022		12,023,865
	2,365,000	Air Medical Merger Sub Corporation		6.38%	^		05/15/2023		2,299,962
	1,495,000	Albertson’s Holdings LLC		5.75%	^		03/15/2025		1,495,000
	780,000	Allison Transmission, Inc.		5.00%	^		10/01/2024		799,812
	9,017,000	Ally Financial, Inc.		4.13%			03/30/2020		9,197,340
	1,670,000	Ally Financial, Inc.		4.25%			04/15/2021		1,705,487
	5,045,000	Amazon.com, Inc.		3.80%			12/05/2024		5,604,642
	2,000,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		2,122,500
	4,900,000	American Express Credit Corporation		2.25%			08/15/2019		5,001,734
	17,055,000	American Express Credit Corporation		2.25%			05/05/2021		17,328,920
	5,055,000	Anheuser-Busch InBev Finance, Inc.		4.90%			02/01/2046		6,087,898
	5,071,000	Apache Corporation		4.75%			04/15/2043		5,233,997
	6,809,000	Apple, Inc.		4.65%			02/23/2046		7,897,276
	1,765,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		1,857,662
	924,000	Asbury Automotive Group, Inc.		6.00%			12/15/2024		956,340
	2,165,000	Ashland, Inc.		4.75%			08/15/2022		2,259,719
	7,250,000	AT&T, Inc.		3.40%			05/15/2025		7,466,441
	3,285,000	AT&T, Inc.		4.13%			02/17/2026		3,558,670
	7,624,000	Bank of America Corporation		2.00%			01/11/2018		7,661,289
	7,625,000	Bank of America Corporation		2.63%			04/19/2021		7,755,128
	8,155,000	BB&T Corporation		2.45%			01/15/2020		8,349,554
	7,426,000	BB&T Corporation		2.05%			05/10/2021		7,508,919

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 47

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	11,579,000	Berkshire Hathaway Energy Company		6.50%			09/15/2037		16,005,906
	1,430,000	Berry Plastics Corporation		5.50%			05/15/2022		1,487,200
	5,173,000	Boeing Company		6.88%			03/15/2039		7,841,042
	9,828,000	Boston Properties LP		4.13%			05/15/2021		10,699,901
	810,000	Builders FirstSource, Inc.		5.63%	^		09/01/2024		834,300
	9,729,000	Burlington Northern Santa Fe LLC		4.55%			09/01/2044		11,320,791
	570,000	Calpine Corporation		5.75%			01/15/2025		565,012
	10,183,000	Cardinal Health, Inc.		1.95%			06/15/2018		10,283,170
	1,202,000	CCO Holdings LLC		5.25%			09/30/2022		1,259,095
	525,000	CCO Holdings LLC		5.13%	^		05/01/2023		549,281
	4,965,000	Celgene Corporation		3.88%			08/15/2025		5,326,621
	765,000	Cengage Learning, Inc.		9.50%	^		06/15/2024		780,300
	2,115,000	Centene Corporation		5.63%			02/15/2021		2,252,475
	2,215,000	Cequel Communications Holdings LLC		6.38%	^		09/15/2020		2,289,756
	2,641,000	Chevron Corporation		1.79%			11/16/2018		2,669,061
	7,875,000	Chevron Corporation		1.56%			05/16/2019		7,920,384
	10,970,000	Cisco Systems, Inc.		1.85%			09/20/2021		11,049,478
	4,570,000	Citigroup, Inc.		2.65%			10/26/2020		4,672,976
	10,750,000	Citigroup, Inc.		2.70%			03/30/2021		11,001,668
	3,105,000	Coca Cola Company		1.88%			10/27/2020		3,159,216
	8,970,000	Coca Cola Company		1.55%			09/01/2021		8,941,466
	3,562,000	Comcast Corporation		4.20%			08/15/2034		3,953,613
	5,975,000	Comcast Corporation		4.40%			08/15/2035		6,794,262
	2,268,000	CommScope, Inc.		5.00%	^		06/15/2021		2,355,885
	755,000	CSC Holdings LLC		5.25%			06/01/2024		719,137
	775,000	CSC Holdings LLC		5.50%	^		04/15/2027		794,375
	5,005,000	CVS Health Corporation		2.88%			06/01/2026		5,092,838
	1,170,000	Dana Holding Corporation		5.50%			12/15/2024		1,196,325
	6,399,000	Delphi Corporation		4.15%			03/15/2024		6,883,212
	3,324,000	Delphi Corporation		4.25%			01/15/2026		3,630,054
	1,500,000	Diamond 1 Finance Corporation		7.13%	^		06/15/2024		1,650,721
	515,000	Dollar Tree, Inc.		5.75%			03/01/2023		556,844
	775,000	Double Eagle Acquisition		7.50%	^		10/01/2024		791,469
	3,615,000	Duke Energy Corporation		3.75%			09/01/2046		3,530,911
	8,955,000	Duke Energy Progress, Inc.		4.15%			12/01/2044		9,851,109
	7,208,000	Eli Lilly & Company		3.70%			03/01/2045		7,791,430
	1,056,000	Embarq Corporation		8.00%			06/01/2036		1,071,291
	2,625,000	Energy Gulf Coast, Inc.		9.25%	W		12/15/2017		262,500
	427,000	Energy Gulf Coast, Inc.		11.00%	^W		03/15/2020		172,935
	720,000	Energy Gulf Coast, Inc.		7.50%	W		12/15/2021		72,000
	1,355,000	Energy Partners Ltd.		8.25%	W		02/15/2018		193,087
	1,935,000	Energy Transfer Equity LP		5.50%			06/01/2027		1,935,000
	10,100,000	Energy Transfer Partners LP		4.75%			01/15/2026		10,459,893
	2,160,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		2,278,800
	8,618,000	Enterprise Products Operating LLC		3.70%			02/15/2026		8,893,905
	4,560,000	EOG Resources, Inc.		4.15%			01/15/2026		4,992,881
	1,425,000	Equinix Inc.		5.88%			01/15/2026		1,535,437
	2,371,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		2,379,891
	5,175,000	Exelon Corporation		3.40%			04/15/2026		5,383,811
	4,723,000	Express Scripts Holding Company		4.50%			02/25/2026		5,193,189
	2,630,000	Express Scripts Holding Company		3.40%			03/01/2027		2,652,344
	710,000	Extraction Oil & Gas Holdings LLC		7.88%	^		07/15/2021		740,175
	8,930,000	FedEx Corporation		4.75%			11/15/2045		10,232,789
	7,595,000	Fidelity National Information Services, Inc.		3.63%			10/15/2020		8,063,703

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,125,000	First Data Corporation		7.00%	^		12/01/2023		1,192,500
	1,140,000	First Data Corporation		5.75%	^		01/15/2024		1,175,625
	8,525,000	Ford Motor Company		7.45%			07/16/2031		11,312,138
	2,125,000	Gannett Company, Inc.		4.88%	^		09/15/2021		2,215,312
	1,965,000	Gates Global LLC		6.00%	^		07/15/2022		1,876,575
	8,420,000	General Motors Financial Company, Inc.		2.40%			05/09/2019		8,455,381
	4,045,000	General Motors Financial Company, Inc.		3.20%			07/13/2020		4,145,700
	3,390,000	General Motors Financial Company, Inc.		3.20%			07/06/2021		3,435,582
	20,167,000	Georgia-Pacific LLC		3.60%	^		03/01/2025		21,531,903
	750,000	GLP Capital LP		5.38%			04/15/2026		808,125
	11,825,000	Goldman Sachs Group, Inc.		2.35%			11/15/2021		11,815,895
	2,155,000	Goodyear Tire & Rubber Company		5.13%			11/15/2023		2,251,975
	1,210,000	Gray Television, Inc.		7.50%			10/01/2020		1,256,664
	920,000	Gray Television, Inc.		5.13%	^		10/15/2024		905,050
	1,165,000	Gray Television, Inc.		5.88%	^		07/15/2026		1,176,650
	1,135,000	HCA, Inc.		5.88%			02/15/2026		1,211,613
	2,110,000	HD Supply, Inc.		7.50%			07/15/2020		2,191,763
	8,420,000	Hewlett Packard Company		3.60%	^		10/15/2020		8,843,113
	780,000	Hilton Domestic Operating Company, Inc.		4.25%	^		09/01/2024		799,500
	3,601,000	Home Depot, Inc.		3.35%			09/15/2025		3,909,638
	6,630,000	Home Depot, Inc.		3.00%			04/01/2026		7,026,945
	1,560,000	Infor US, Inc.		6.50%			05/15/2022		1,587,300
	5,740,000	Intel Corporation		4.10%			05/19/2046		6,173,387
	5,335,000	International Paper Company		3.00%			02/15/2027		5,343,429
	1,145,000	JBS LLC		5.75%	^		06/15/2025		1,130,688
	9,720,000	JP Morgan Chase & Company		4.25%			10/01/2027		10,486,412
	10,310,000	JPMorgan Chase & Company		2.40%			06/07/2021		10,433,895
	6,694,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		7,635,391
	6,297,000	Kraft Heinz Foods Company		1.60%			06/30/2017		6,310,809
	4,268,000	Kraft Heinz Foods Company		2.00%			07/02/2018		4,312,003
	696,000	Kroger Company		6.15%			01/15/2020		791,637
	11,356,000	Kroger Company		3.40%			04/15/2022		12,061,389
	8,352,000	Laboratory Corporation		2.50%			11/01/2018		8,496,105
	8,450,000	Laboratory Corporation		4.70%			02/01/2045		9,250,528
	580,000	Lam Research Corporation		2.80%			06/15/2021		596,007
	3,028,000	Lam Research Corporation		3.45%			06/15/2023		3,102,719
	2,026,000	Level 3 Communications, Inc.		5.75%			12/01/2022		2,122,235
	1,305,000	Levi Strauss & Company		5.00%			05/01/2025		1,366,988
	13,049,000	Liberty Mutual Group, Inc.		6.50%	^		05/01/2042		16,311,159
	8,527,000	Lockheed Martin Corporation		4.70%			05/15/2046		10,200,773
	2,853,000	Memorial Production Partners LP		6.88%			08/01/2022		1,390,838
	50,000	Metropolitan Edison Company		4.00%	^		04/15/2025		52,302
	555,000	MGM Growth Properties Operating Partnership LP		5.63%	^		05/01/2024		603,396
	2,000,000	MGM Resorts International		4.63%			09/01/2026		1,960,000
	335,000	Microsemi Corporation		9.13%	^		04/15/2023		383,575
	9,040,000	Microsoft Corporation		4.45%			11/03/2045		10,328,345
	2,175,000	Milacron LLC		7.75%	^		02/15/2021		2,272,875
	7,100,000	Morgan Stanley		2.65%			01/27/2020		7,261,348

48 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,235,000	Morgan Stanley		2.50%			04/21/2021		3,270,080
	5,650,000	Morgan Stanley		3.88%			01/27/2026		6,021,697
	4,435,000	Morgan Stanley		3.13%			07/27/2026		4,488,659
	2,000,000	MPH Acquisition Holdings LLC		7.13%	^		06/01/2024		2,155,000
	8,269,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		8,282,851
	1,925,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		1,948,239
	775,000	National Rural Utilities Cooperative Finance Corporation		10.38%			11/01/2018		916,894
	15,265,000	National Rural Utilities Cooperative Finance Corporation		2.00%			01/27/2020		15,431,114
	2,216,000	NCL Corporation Ltd.		5.25%	^		11/15/2019		2,249,240
	2,980,000	Newell Brands, Inc.		3.15%			04/01/2021		3,108,155
	1,080,000	Nexstar Escrow Corporation		5.63%	^		08/01/2024		1,090,800
	1,000,000	Novelis Corporation		6.25%	^		08/15/2024		1,065,000
	475,000	Novelis Corporation		5.88%	^		09/30/2026		487,469
	1,450,000	NRG Energy, Inc.		7.25%	^		05/15/2026		1,482,625
	3,655,000	NVIDIA Corporation		3.20%			09/16/2026		3,698,615
	2,805,000	Occidental Petroleum Corporation		3.40%			04/15/2026		2,972,868
	11,890,000	Omnicom Group, Inc.		3.60%			04/15/2026		12,598,929
	148,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		154,045
	865,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		823,913
	1,435,000	Open Text Corporation		5.88%	^		06/01/2026		1,504,956
	5,022,000	Oracle Corporation		2.38%			01/15/2019		5,150,729
	5,760,000	Oracle Corporation		2.25%			10/08/2019		5,904,501
	9,945,000	Oracle Corporation		1.90%			09/15/2021		9,977,908
	10,705,000	Oracle Corporation		4.13%			05/15/2045		11,269,903
	500,000	PDC Energy, Inc.		6.13%	^		09/15/2024		521,250
	2,782,000	Phillips 66		5.88%			05/01/2042		3,511,527
	1,503,000	Phillips 66		4.88%			11/15/2044		1,680,351
	2,230,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		2,308,050
	1,483,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		1,546,028
	9,901,000	PNC Funding Corporation		3.30%			03/08/2022		10,521,456
	860,000	Post Holdings, Inc.		5.00%	^		08/15/2026		857,850
	1,125,000	PQ Corporation		6.75%	^		11/15/2022		1,195,313
	2,125,000	Prime Security Services Borrower LLC		9.25%	^		05/15/2023		2,321,563
	1,560,000	Quintiles Transnational Corporation		4.88%	^		05/15/2023		1,610,700
	670,000	RegionalCare Hospital Partners Holdings, Inc.		8.25%	^		05/01/2023		693,450
	1,199,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		1,228,975
	385,000	Revlon Consumer Products Corporation		6.25%	^		08/01/2024		398,475
	2,690,000	Reynolds Group Issuer LLC		8.25%			02/15/2021		2,806,851
	9,400,000	Reynolds, Inc.		4.00%			06/12/2022		10,225,668
	1,430,000	Rite Aid Corporation		6.13%	^		04/01/2023		1,546,188
	4,530,000	S&P Global, Inc.		4.40%			02/15/2026		5,074,597
	1,475,000	Sabre GLBL, Inc.		5.25%	^		11/15/2023		1,508,188
	2,051,000	Sally Holdings LLC		5.75%			06/01/2022		2,148,423
	895,000	Sanchez Energy Corporation		6.13%			01/15/2023		722,713
	365,000	SandRidge Energy, Inc.		8.75%	^W		06/01/2020		132,313
	2,003,000	SBA Communications Corporation		5.63%			10/01/2019		2,059,344
	5,810,000	Schlumberger Holdings Corporation		2.35%	^		12/21/2018		5,920,134

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,195,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		2,332,188
	2,275,000	Select Medical Corporation		6.38%			06/01/2021		2,249,406
	10,465,000	Shell International Finance B.V.		1.38%			05/10/2019		10,439,403
	1,760,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		1,790,800
	10,165,000	Simon Property Group LP		3.30%			01/15/2026		10,761,604
	1,900,000	Sinclair Television Group, Inc.		5.63%	^		08/01/2024		1,947,500
	2,325,000	Sirius XM Radio Inc.		5.38%	^		07/15/2026		2,394,750
	1,075,000	Solera Finance, Inc.		10.50%	^		03/01/2024		1,204,000
	14,931,000	Southern Company		2.45%			09/01/2018		15,226,484
	395,000	Southern Company		1.85%			07/01/2019		398,343
	2,115,000	Spectrum Brands, Inc.		5.75%			07/15/2025		2,294,775
	7,235,000	State Street Corporation		3.55%			08/18/2025		7,857,991
	3,350,000	State Street Corporation		2.65%			05/19/2026		3,394,635
	1,260,000	Station Casinos LLC		7.50%			03/01/2021		1,333,949
	8,764,000	Synchrony Financial		3.00%			08/15/2019		8,977,903
	1,765,000	Targa Resources Partners Finance Corporation		5.38%	^		02/01/2027		1,780,444
	1,185,000	Team Health, Inc.		7.25%	^		12/15/2023		1,278,319
	2,340,000	Tenet Healthcare Corporation		6.75%			06/15/2023		2,182,050
	2,181,000	Terex Corporation		6.00%			05/15/2021		2,238,251
	15,365,000	Thermo Fisher Scientific, Inc.		3.30%			02/15/2022		16,122,587
	8,600,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		8,867,159
	2,185,000	TransDigm, Inc.		6.00%			07/15/2022		2,316,100
	715,000	TreeHouse Foods, Inc.		6.00%	^		02/15/2024		773,094
	19,600,000	Tyson Foods, Inc.		3.95%			08/15/2024		21,200,418
	19,645,000	Verizon Communications, Inc.		4.40%			11/01/2034		20,891,102
	1,700,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		1,751,000
	1,275,000	Vizient, Inc.		10.38%	^		03/01/2024		1,466,250
	9,410,000	Wal-Mart Stores, Inc.		4.30%			04/22/2044		11,110,763
	7,680,000	Waste Management, Inc.		4.10%			03/01/2045		8,474,173
	410,000	WellPoint, Inc.		1.88%			01/15/2018		412,092
	10,164,000	WellPoint, Inc.		2.30%			07/15/2018		10,301,163
	10,935,000	Wells Fargo & Company		3.55%			09/29/2025		11,561,357
	10,040,000	Wells Fargo & Company		3.00%			04/22/2026		10,153,492
	605,000	Western Digital Corporation		7.38%	^		04/01/2023		665,500
	2,170,000	Williams Partners LP		4.88%			03/15/2024		2,196,656
	1,760,000	WMG Acquisition Corporation		6.75%	^		04/15/2022		1,874,400
	6,440,000	Xerox Corporation		2.95%			03/15/2017		6,478,788
	6,429,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		6,436,663
	2,074,000	Zimmer Holdings, Inc.		2.70%			04/01/2020		2,120,568
		Total US Corporate Bonds (Cost $988,737,176)							1,027,862,300

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 49

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 25.3%
	82,050,000	United States Treasury Bonds		2.75%			11/15/2042		89,607,543
	101,300,000	United States Treasury Bonds		3.00%			11/15/2044		115,897,533
	291,346,290	United States Treasury Inflation Indexed Bonds		0.13%			07/15/2026		295,125,634
	72,922,234	United States Treasury Inflation Indexed Bonds		1.00%			02/15/2046		81,135,757
	143,500,000	United States Treasury Notes		0.50%			11/30/2016		143,573,759
	143,100,000	United States Treasury Notes		0.50%			01/31/2017		143,190,725
	232,500,000	United States Treasury Notes		0.75%			10/31/2017		232,668,097
	24,350,000	United States Treasury Notes		1.00%			05/15/2018		24,449,397
	8,450,000	United States Treasury Notes		1.00%			11/30/2019		8,467,001
	250,900,000	United States Treasury Notes		2.00%			11/30/2020		260,122,582
	190,900,000	United States Treasury Notes		2.25%			03/31/2021		200,165,331
	11,850,000	United States Treasury Notes		1.88%			11/30/2021		12,241,145
	89,700,000	United States Treasury Notes		1.75%			03/31/2022		92,040,632
	104,800,000	United States Treasury Notes		1.50%			03/31/2023		105,598,262
	7,000,000	United States Treasury Notes		2.38%			08/15/2024		7,462,245
	100,500,000	United States Treasury Notes		2.13%			05/15/2025		105,152,045
		Total US Government and Agency Obligations (Cost $1,884,279,324)							1,916,897,688
	US GOVERNMENT/AGENCY MORTGAGE BACKED OBLIGATIONS 18.9%
		Federal Home Loan Mortgage Corporation,
	1,135,944	Pool G01840		5.00%			07/01/2035		1,272,347
	634,015	Pool G04817		5.00%			09/01/2038		702,399
	19,545,224	Pool G08537		3.00%			07/01/2043		20,351,892
	47,989,808	Pool G08622		3.00%			01/01/2045		49,939,445
	13,151,779	Pool G08686		3.00%			01/01/2046		13,686,085
	57,996,663	Pool G08701		3.00%			04/01/2046		60,352,839
	112,177,676	Pool G08721		3.00%			09/01/2046		116,735,014
	3,457,353	Pool N70081		5.50%			07/01/2038		3,945,831
	10,344,912	Pool Q33789		3.50%			06/01/2045		11,052,130
	4,870,452	Pool T60854		3.50%			09/01/2042		5,065,172
	844,956	Pool U60299		4.00%			11/01/2040		914,329
	6,734,000	Series 2016-K54-B		4.19%	#^		02/25/2026		6,861,660
	89,364	Series 2692-SC		12.24%	# I/F		07/15/2033		102,555
	3,184,302	Series 2722-PS		9.31%	# I/F		12/15/2033		3,569,827
	159,645	Series 2750-ZT		5.00%			02/15/2034		178,161
	329,535	Series 3002-SN		5.98%	# I/F I/O		07/15/2035		71,323
	146,403	Series 3045-DI		6.21%	# I/F I/O		10/15/2035		26,472
	538,528	Series 3116-Z		5.50%			02/15/2036		614,968
	42,562	Series 3117-ZN		4.50%			02/15/2036		45,977
	644,500	Series 3203-ZC		5.00%			07/15/2036		718,250
	185,574	Series 3275-SC		5.56%	# I/F I/O		02/15/2037		28,107
	1,082,683	Series 3382-SB		5.48%	# I/F I/O		11/15/2037		143,941
	1,301,772	Series 3384-S		5.87%	# I/F I/O		11/15/2037		155,677
	1,374,067	Series 3417-SX		5.66%	# I/F I/O		02/15/2038		184,271
	133,430	Series 3423-GS		5.13%	# I/F I/O		03/15/2038		16,417
	133,430	Series 3423-SG		5.13%	# I/F I/O		03/15/2038		15,246
	232,120	Series 3524-LB		3.98%	#		06/15/2038		233,976
	493,796	Series 3562-WS		4.43%	# I/F I/O		08/15/2039		54,331
	398,898	Series 3582-SA		5.48%	# I/F I/O		10/15/2049		56,061
	749,172	Series 3606-CS		5.83%	# I/F I/O		12/15/2039		151,706

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	418,071	Series 3616-SG		5.83%	# I/F I/O		03/15/2032		80,520
	1,854,742	Series 3626-AZ		5.50%			08/15/2036		2,055,401
	708,741	Series 3666-SC		5.25%	# I/F I/O		05/15/2040		127,765
	467,043	Series 3666-VZ		5.50%			08/15/2036		520,385
	2,596,829	Series 3779-DZ		4.50%			12/15/2040		2,897,437
	1,400,000	Series 3779-YA		3.50%			12/15/2030		1,526,973
	72,785	Series 3780-YS		8.85%	# I/F		12/15/2040		73,039
	581,571	Series 3786-SG		8.45%	# I/F		01/15/2041		653,337
	7,408,167	Series 3792-SE		8.81%	# I/F		01/15/2041		7,818,547
	2,507,878	Series 3795-VZ		4.00%			01/15/2041		2,774,098
	73,326	Series 3798-SD		8.55%	# I/F		12/15/2040		74,890
	1,726,262	Series 3806-CZ		5.50%			07/15/2034		1,949,426
	1,156,635	Series 3808-DB		3.50%			02/15/2031		1,227,081
	3,199,529	Series 3818-CZ		4.50%			03/15/2041		3,534,846
	2,083,577	Series 3819-ZU		5.50%			07/15/2034		2,329,915
	3,736,782	Series 3824-EY		3.50%			03/15/2031		4,047,948
	251,282	Series 3828-SW		11.63%	# I/F		02/15/2041		359,997
	3,190,747	Series 3863-ZA		5.50%			08/15/2034		3,554,298
	3,687,450	Series 3888-ZG		4.00%			07/15/2041		3,995,424
	18,437,252	Series 3889-VZ		4.00%			07/15/2041		19,821,180
	2,801,103	Series 3910-GZ		5.00%			08/15/2041		3,475,706
	20,702,726	Series 3967-ZP		4.00%			09/15/2041		23,005,081
	5,902,913	Series 3972-AZ		3.50%			12/15/2041		6,144,303
	23,699,396	Series 4057-ZA		4.00%			06/15/2042		26,832,878
	8,617,317	Series 4096-DZ		3.50%			08/15/2042		9,378,333
	27,238,846	Series 4165-ZT		3.00%			02/15/2043		26,657,024
	9,452,798	Series 4291-MS		5.38%	# I/F I/O		01/15/2054		1,608,480
	17,662,494	Series 4341-AZ		3.00%			05/15/2044		17,469,936
	21,073,658	Series 4377-A		3.00%			06/15/2039		21,699,716
	15,296,261	Series 4391-MA		3.00%			07/15/2040		15,896,854
	12,794,046	Series 4413-AZ		3.50%			11/15/2044		13,560,843
	5,202,053	Series 4419-TB		3.00%			02/15/2040		5,243,863
	10,630,699	Series 4423-Z		3.50%			12/15/2044		11,351,849
	21,307,555	Series 4427-MA		3.00%			02/15/2034		22,204,036
	30,629,441	Series 4471-BA		3.00%			12/15/2041		31,587,086
	42,782,773	Series 4471-GA		3.00%			02/15/2044		44,392,483
	26,510,490	Series 4481-B		3.00%			12/15/2042		27,383,406
	17,646,594	Series 4511-QA		3.00%			01/15/2041		18,132,343
	77,127,047	Series 4542-AC		2.70%			01/15/2045		78,838,820
	4,781,000	Series K-050-A2		3.33%	#		08/25/2025		5,279,405
	6,528,000	Series K-053-A2		3.00%			12/25/2025		7,035,471
	706,233	Series R003-ZA		5.50%			10/15/2035		812,792
		Federal Home Loan Mortgage Corporation Pass-Thru,
	6,720,000	Series K054-A2		2.75%			01/25/2026		7,100,541
	106,334,868	Series K722-X1		1.31%	# I/O		03/25/2023		7,427,937
		Federal National Mortgage Association,
	54,306,046	Pool AS7661		3.00%			08/01/2046		55,749,327
	23,693,345	Pool MA2621		3.50%			05/01/2046		24,580,865
	33,573,651	Pool MA2649		3.00%			06/01/2046		34,448,485
	136,827,559	Pool MA2737		3.00%			09/01/2046		142,428,609
	54,520	Series 2003-117-KS		6.57%	# I/F I/O		08/25/2033		2,254
	421,180	Series 2003-W17-1A7		5.75%			08/25/2033		480,343
	3,624,722	Series 2005-20-QH		5.00%			03/25/2035		4,031,730
	610,727	Series 2006-101-SA		6.05%	# I/F I/O		10/25/2036		122,928
	277,265	Series 2006-56-SM		6.22%	# I/F I/O		07/25/2036		48,524
	241,599	Series 2007-116-BI		5.72%	# I/F I/O		05/25/2037		40,113
	2,492,335	Series 2007-30-FS		27.39%	# I/F		04/25/2037		4,294,138
	969,102	Series 2007-30-OI		5.91%	# I/F I/O		04/25/2037		199,434
	180,196	Series 2008-29-ZA		4.50%			04/25/2038		197,464
	198,870	Series 2008-62-SC		5.47%	# I/F I/O		07/25/2038		26,571
	1,103,885	Series 2009-111-EZ		5.00%			01/25/2040		1,167,843
	60,759	Series 2009-111-SE		5.72%	# I/F I/O		01/25/2040		7,659
	117,977	Series 2009-16-MZ		5.00%			03/25/2029		131,299
	167,375	Series 2009-48-WS		5.42%	# I/F I/O		07/25/2039		18,025
	837,419	Series 2009-62-PS		5.57%	# I/F I/O		08/25/2039		99,857
	1,902,946	Series 2009-77-ZA		4.50%			10/25/2039		2,084,633
	430,839	Series 2009-83-Z		4.50%			10/25/2039		460,341
	212,107	Series 2010-101-ZH		4.50%			07/25/2040		227,485
	55,491	Series 2010-109-BS		49.24%	# I/F		10/25/2040		254,356
	751,426	Series 2010-112-ZA		4.00%			10/25/2040		786,612
	435,855	Series 2010-121-SD		3.97%	# I/F I/O		10/25/2040		45,401
	29,336	Series 2010-137-VS		13.43%	# I/F		12/25/2040		46,442

50 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	2,516,237	Series 2010-150-ZA		4.00%			01/25/2041		2,719,149
	122,314	Series 2010-31-SA		4.47%	# I/F I/O		04/25/2040		12,126
	154,840	Series 2010-34-PS		4.40%	# I/F I/O		04/25/2040		13,817
	294,439	Series 2010-35-SP		5.82%	# I/F I/O		04/25/2050		60,526
	104,808	Series 2010-35-SV		5.92%	# I/F I/O		04/25/2040		13,111
	3,665,333	Series 2010-37-MY		4.50%			04/25/2040		3,970,268
	284,928	Series 2010-59-PS		5.92%	# I/F I/O		03/25/2039		23,723
	399,211	Series 2010-59-SC		4.47%	# I/F I/O		01/25/2040		54,430
	1,774,760	Series 2010-60-VZ		5.00%			10/25/2039		1,902,400
	369,456	Series 2010-64-EZ		5.00%			06/25/2040		411,964
	759,227	Series 2010-7-PE		5.00%			02/25/2040		817,032
	423,719	Series 2010-90-GS		5.47%	# I/F I/O		08/25/2040		53,241
	57,791	Series 2010-99-SG		22.38%	# I/F		09/25/2040		99,833
	7,365,727	Series 2011-141-PZ		4.00%			01/25/2042		7,730,076
	15,747,140	Series 2011-18-UZ		4.00%			03/25/2041		16,892,791
	1,533,918	Series 2011-25-KY		3.00%			04/25/2026		1,617,390
	1,000,000	Series 2011-29-AL		3.50%			04/25/2031		1,073,326
	2,027,857	Series 2011-59-MA		4.50%			07/25/2041		2,198,439
	51,658	Series 2011-63-ZE		4.00%			08/25/2038		51,642
	23,761,617	Series 2013-45-LZ		3.00%			05/25/2043		24,329,178
	30,511,424	Series 2013-6-ZB		3.00%			02/25/2043		30,914,574
	14,651,328	Series 2014-55-MA		3.00%			10/25/2039		15,153,459
	24,447,419	Series 2014-70-VZ		3.00%			11/25/2044		24,299,251
	8,183,456	Series 2014-73-CZ		3.00%			11/25/2044		8,208,044
	37,230,242	Series 2015-09-HA		3.00%			01/25/2045		39,057,457
	6,348,000	Series 2016-M3		2.70%			02/25/2026		6,670,659
	509,980	Series 400-S4		4.92%	# I/F I/O		11/25/2039		75,148
		Federal National Mortgage Association Pass-Thru,
	222,487	Pool 555743		5.00%			09/01/2033		250,073
	192,020	Pool 735382		5.00%			04/01/2035		214,748
	1,454,278	Pool 735383		5.00%			04/01/2035		1,627,470
	784,247	Pool 735402		5.00%			04/01/2035		876,972
	1,122,082	Pool 735484		5.00%			05/01/2035		1,253,017
	215,182	Pool 931104		5.00%			05/01/2039		239,117
	1,340,663	Pool 995112		5.50%			07/01/2036		1,525,317
	1,287,997	Pool 995203		5.00%			07/01/2035		1,447,331
	1,167,152	Pool AB2123		4.00%			01/01/2031		1,264,825
	128,589	Pool AB2370		4.50%			09/01/2035		136,290
	17,101,839	Pool AB6854		3.00%			11/01/2042		17,829,579
	44,731	Pool AC1032		5.00%			06/01/2040		46,398
	34,863	Pool AD2177		4.50%			06/01/2030		38,286
	1,585,572	Pool AH7309		4.00%			02/01/2031		1,705,660
	35,552,398	Pool AS4645		3.00%			03/01/2045		37,007,739
	919,744	Pool MA0264		4.50%			12/01/2029		1,009,706
	64,932	Pool MA0282		5.00%			12/01/2039		72,348
	663,871	Pool MA0353		4.50%			03/01/2030		728,929
	37,276	Pool MA0468		5.00%			07/01/2040		40,314
	21,550,903	Pool MA2151		3.50%			01/01/2045		22,352,868
	12,391,964	Pool MA2248		3.00%			04/01/2045		12,715,490
	14,742,145	Pool MA2621		3.50%			04/01/2046		15,755,124
		Government National Mortgage Association,
	536,762	Pool 752494		5.50%			09/20/2039		593,123
	271,875	Series 2003-67-SP		6.57%	# I/F I/O		08/20/2033		69,521
	237,107	Series 2008-82-SM		5.52%	# I/F I/O		09/20/2038		40,991
	3,109,646	Series 2009-32-ZE		4.50%			05/16/2039		3,438,902
	3,520,900	Series 2009-35-DZ		4.50%			05/20/2039		3,847,406
	3,732,043	Series 2009-75-GZ		4.50%			09/20/2039		4,031,429
	4,504,552	Series 2009-75-HZ		5.00%			09/20/2039		4,952,538
	11,448,691	Series 2010-113-SM		5.52%	# I/F I/O		09/20/2040		1,868,182
	119,213	Series 2010-25-ZB		4.50%			02/16/2040		133,424
	6,733,448	Series 2011-45-GZ		4.50%			03/20/2041		7,236,659
	8,390,271	Series 2011-70-WS		8.64%	# I/F		12/20/2040		9,550,598
	12,706,786	Series 2011-71-ZA		4.50%			02/20/2041		13,939,659
	23,181,020	Series 2013-117-MS		5.62%	# I/F I/O		02/20/2043		3,078,458
	10,280,545	Series 2013-122-SB		5.57%	# I/F I/O		08/16/2043		1,789,511
	48,836,103	Series 2013-169-SE		5.52%	# I/F I/O		11/16/2043		8,037,973
	16,224,541	Series 2014-102-TS		5.07%	# I/F I/O		07/20/2044		2,113,699
	13,051,062	Series 2014-118-PS		5.67%	# I/F I/O		08/20/2044		1,873,164
	11,419,679	Series 2014-118-SA		5.67%	# I/F I/O		08/20/2044		1,690,132
		Total US Government / Agency Mortgage Backed Obligations (Cost $1,383,249,715)							1,436,014,864

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	AFFILIATED MUTUAL FUNDS 4.3%
	17,627,160	DoubleLine Global Bond Fund (Class I)						188,258,071
	8,177,558	DoubleLine Infrastructure Income Fund (Class I)						83,901,744
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)						54,450,000
		Total Affiliated Mutual Funds (Cost $314,600,000)						326,609,815
	SHORT TERM INVESTMENTS 4.8%
	120,311,338	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨			120,311,338
	120,311,338	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨			120,311,338
	120,311,338	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨			120,311,338
		Total Short Term Investments (Cost $360,934,014)						360,934,014
		Total Investments 99.9% (Cost $7,453,295,246)						7,581,558,839
		Other Assets in Excess of Liabilities 0.1%						5,433,255
		NET ASSETS 100.0%					$	7,586,992,094

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	25.3%
US Government / Agency Mortgage Backed Obligations	18.9%
US Corporate Bonds	13.6%
Foreign Corporate Bonds	9.6%
Non-Agency Residential Collateralized Mortgage Obligations	7.8%
Non-Agency Commercial Mortgage Backed Obligations	7.1%
Short Term Investments	4.8%
Affiliated Mutual Funds	4.3%
Collateralized Loan Obligations	3.3%
Bank Loans	2.4%
Asset Backed Obligations	1.9%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.8%
Municipal Bonds	0.1%
Other Assets and Liabilities	0.1%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 51

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	25.3%
US Government / Agency Mortgage Backed Obligations	18.9%
Non-Agency Residential Collateralized Mortgage Obligations	7.8%
Non-Agency Commercial Mortgage Backed Obligations	7.1%
Banking	5.6%
Short Term Investments	4.8%
Affiliated Mutual Funds	4.3%
Collateralized Loan Obligations	3.3%
Oil & Gas	1.9%
Asset Backed Obligations	1.9%
Telecommunications	1.6%
Utilities	1.5%
Transportation	1.4%
Technology	1.2%
Healthcare	1.1%
Pharmaceuticals	1.0%
Media	1.0%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.8%
Electronics/Electric	0.8%
Retailers (other than Food/Drug)	0.7%
Finance	0.7%
Automotive	0.6%
Food Products	0.6%
Financial Intermediaries	0.5%
Consumer Products	0.5%
Beverage and Tobacco	0.4%
Containers and Glass Products	0.4%
Energy	0.4%
Insurance	0.4%
Real Estate	0.3%
Food/Drug Retailers	0.3%
Pulp & Paper	0.3%
Chemicals/Plastics	0.3%
Leisure	0.3%
Aerospace & Defense	0.3%
Building and Development (including Steel/Metals)	0.3%
Hotels/Motels/Inns and Casinos	0.2%
Business Equipment and Services	0.2%
Industrial Equipment	0.2%
Municipal Bonds	0.1%
Mining	0.1%
Environmental Control	0.1%
Biotechnology	0.1%
Conglomerates	0.1%
Health Care Providers & Services	0.1%
Cosmetics/Toiletries	0.1%
Construction	0.0%	~
Other Assets and Liabilities	0.1%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	89.4%
Mexico	1.5%
Colombia	0.9%
Chile	0.8%
Panama	0.6%
United Kingdom	0.6%
Canada	0.5%
Singapore	0.4%
India	0.4%
Costa Rica	0.4%
Peru	0.4%
Guatemala	0.4%
Brazil	0.4%
Israel	0.4%
Malaysia	0.3%
Australia	0.3%
China	0.3%
Netherlands	0.3%
Dominican Republic	0.2%
Japan	0.2%
Qatar	0.2%
Paraguay	0.2%
Ireland	0.1%
Trinidad & Tobago	0.1%
France	0.1%
Poland	0.1%
Jamaica	0.1%
Hungary	0.1%
Hong Kong	0.1%
Indonesia	0.1%
Luxembourg	0.0%	~
El Salvador	0.0%	~
Germany	0.0%	~
Barbados	0.0%	~
Other Assets and Liabilities	0.1%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $1,120,957,615 or 14.8% of net assets.

# Variable rate security. Rate disclosed as of September 30, 2016.

† Perpetual Maturity

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

¥ Illiquid security. At September 30, 2016, the value of these securities amounted to $58,652,743 or 0.8% of net assets.

¨ Seven-day yield as of September 30, 2016

~ Represents less than 0.05% of net assets

52 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2016 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at September 30, 2016		Value at September 30, 2016		Dividend Income Earned in the Period Ended September  30, 2016		Net Realized Gain (Loss) in the Period Ended September 30, 2016
DoubleLine Global Bond Fund	$	85,656,164	$	100,000,000	$	—		17,627,160	$	188,258,071	$	473,841	$	—
DoubleLine Long Duration Total Return Bond Fund		52,000,000		—		—		5,000,000		54,450,000		748,328		—
DoubleLine Infrastructure Income Fund		—		83,100,000		—		8,177,558		83,901,744		539,256		—
	$	137,656,164	$	183,100,000	$	—		30,804,718	$	326,609,815	$	1,761,425	$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 53

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 86.4%
	BRAZIL 4.9%
	5,000,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		4,343,500
	1,300,000	BR Malls International Finance Ltd.		8.50%	†		04/21/2049		1,300,000
	4,500,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		3,881,250
	2,200,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		1,897,500
	7,631,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		7,688,233
	1,500,000	Eldorado International Finance GMBH		8.63%	^		06/16/2021		1,237,500
	2,000,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		2,035,000
	4,000,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		3,320,000
	3,600,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		3,697,200
	7,600,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		7,714,000
	4,100,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		4,161,500
	11,000,000	OAS Financial Ltd.		8.88%	#^†		04/25/2018		550,000
	4,900,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		2,009,000
	3,500,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		1,662,500
									45,497,183
	CHILE 11.1%
	6,143,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		6,969,332
	3,500,000	Colbun S.A.		6.00%			01/21/2020		3,921,823
	8,200,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		7,943,750
��	16,000,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		15,773,264
	13,650,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		13,116,722
	1,000,000	GNL Quintero S.A.		4.63%			07/31/2029		1,052,500
	18,498,746	Guanay Finance Ltd.		6.00%			12/15/2020		18,984,338
	9,000,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		9,270,000
	2,540,000	SUAM Finance B.V.		4.88%			04/17/2024		2,700,020
	11,883,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		12,031,538
	1,400,000	Transelec S.A.		3.88%	^		01/12/2029		1,442,000
	9,750,000	VTR Finance B.V.		6.88%			01/15/2024		10,115,625
									103,320,912
	CHINA 3.2%
	16,213,000	CNOOC Finance Ltd.		2.63%			05/05/2020		16,550,295
	2,000,000	CNOOC Finance Ltd.		4.25%			01/26/2021		2,165,672
	3,460,000	CNPC General Capital Ltd.		2.75%			05/14/2019		3,541,978
	600,000	CNPC General Capital Ltd.		2.70%			11/25/2019		617,176
	1,300,000	Sinopec Group Overseas Development Ltd.		2.13%			05/03/2019		1,309,815
	1,500,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		1,527,759
	4,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		4,110,644
									29,823,339
	COLOMBIA 8.9%
	5,100,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		4,883,250
	8,500,000	Avianca Holdings S.A.		8.38%			05/10/2020		8,138,750
	3,330,000	Banco Davivienda S.A.		2.95%			01/29/2018		3,364,133
	715,000	Banco de Bogota S.A.		5.38%			02/19/2023		740,919
	200,000	Banco de Bogota S.A.		6.25%	^		05/12/2026		211,750
	4,400,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		4,403,960
	5,300,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		5,704,125
	5,000,000	Bancolombia S.A.		6.13%			07/26/2020		5,412,500
	9,300,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		9,625,500
	2,836,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		3,222,405
	180,000	Grupo Aval Ltd.		5.25%			02/01/2017		181,436
	8,000,000	Grupo Aval Ltd.		4.75%			09/26/2022		7,936,000
	10,000,000	GrupoSura Finance S.A.		5.70%			05/18/2021		10,925,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	14,600,000	Pacific Rubiales Energy Corporation		5.13%			03/28/2023		2,774,000
	4,000,000	Pacific Rubiales Energy Corporation		5.63%	^		01/19/2025		760,000
	2,000,000	Pacific Rubiales Energy Corporation		5.63%			01/19/2025		380,000
	935,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		976,607
	13,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		13,578,500
									83,218,835
	COSTA RICA 3.9%
	8,294,000	Banco de Costa Rica		5.25%			08/12/2018		8,542,820
	3,405,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		3,508,853
	11,970,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		12,493,687
	1,400,000	Banco Nacional de Costa Rica		5.88%			04/25/2021		1,461,250
	3,600,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		3,834,000
	5,900,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		6,283,500
									36,124,110
	DOMINICAN REPUBLIC 1.8%
	7,500,000	AES Andres B.V.		7.95%	^		05/11/2026		8,015,625
	1,800,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		1,863,000
	7,098,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		7,346,430
									17,225,055
	EL SALVADOR 0.7%
	7,200,000	AES El Salvador Trust		6.75%			03/28/2023		6,840,000
									6,840,000
	GUATEMALA 3.2%
	6,000,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		6,270,000
	5,000,000	Agromercantil Senior Trust		6.25%			04/10/2019		5,225,000
	2,500,000	Bantrab Senior Trust		9.00%			11/14/2020		2,212,500
	1,730,000	Cementos Progreso Trust		7.13%			11/06/2023		1,846,775
	3,500,000	Comcel Trust		6.88%			02/06/2024		3,616,200
	5,900,000	Industrial Senior Trust		5.50%	^		11/01/2022		5,870,500
	5,000,000	Industrial Senior Trust		5.50%			11/01/2022		4,975,000
									30,015,975
	HONG KONG 0.3%
	2,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		2,045,000
	500,000	Hutchison Whampoa International Ltd.		3.25%			11/08/2022		531,808
									2,576,808
	INDIA 6.1%
	17,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		17,239,615
	1,753,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		1,916,029
	2,700,000	Bharti Airtel Ltd.		4.38%			06/10/2025		2,802,789
	3,355,000	Export-Import Bank of India		2.75%			04/01/2020		3,414,847
	3,645,000	Export-Import Bank of India		2.75%			08/12/2020		3,707,096
	4,500,000	Export-Import Bank of India		3.13%			07/20/2021		4,649,832
	1,000,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		1,132,353
	13,949,000	ONGC Videsh Ltd.		3.25%			07/15/2019		14,346,547
	4,600,000	Reliance Holdings, Inc.		4.50%			10/19/2020		4,976,574

54 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,750,000	Reliance Holdings, Inc.		5.40%			02/14/2022		1,974,047
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		662,901
									56,822,630
	INDONESIA 0.5%
	5,800,000	Freeport-McMoRan Copper & Gold, Inc.		5.45%			03/15/2043		4,727,000
									4,727,000
	ISRAEL 4.4%
	13,000,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		13,731,250
	1,000,000	Delek & Avner Tamar Bond Ltd.		5.08%	^		12/30/2023		1,069,370
	4,440,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		4,734,150
	20,700,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		21,921,300
									41,456,070
	JAMAICA 1.7%
	500,000	Digicel Ltd.		7.00%			02/15/2020		480,000
	7,500,000	Digicel Ltd.		7.13%	^		04/01/2022		5,810,250
	12,000,000	Digicel Ltd.		7.13%			04/01/2022		9,296,400
									15,586,650
	MALAYSIA 3.3%
	6,600,000	Axiata SPV2 BHD		3.47%			11/19/2020		6,935,405
	1,500,000	IOI Investment BHD		4.38%			06/27/2022		1,593,174
	6,975,000	Malayan Banking BHD		3.25%	#		09/20/2022		7,050,065
	15,000,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		15,357,525
									30,936,169
	MEXICO 12.5%
	2,279,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		2,279,000
	500,000	Banco Nacional de Comercio Exterior S.N.C.		4.38%			10/14/2025		518,750
	2,000,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		1,944,400
	3,000,000	Banco Santander		4.13%			11/09/2022		3,097,500
	9,500,000	Banco Santander		5.95%	#		01/30/2024		10,007,775
	2,800,000	BBVA Bancomer S.A.		6.50%			03/10/2021		3,069,500
	9,000,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		9,065,430
	1,600,000	BBVA Bancomer S.A.		5.35%	#^		11/12/2029		1,620,000
	6,850,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		6,935,625
	10,000,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		10,050,000
	3,045,766	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		3,137,139
	5,801,460	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		5,975,503
	1,000,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		1,060,000
	8,407,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		8,428,018
	8,500,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		8,542,500
	7,104,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		7,139,520
	1,500,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		1,560,000
	12,000,000	Petroleos Mexicanos		3.50%			07/18/2018		12,306,000
	5,000,000	Petroleos Mexicanos		5.50%			02/04/2019		5,285,000
	957,000	Petroleos Mexicanos		6.63%	†		09/29/2049		942,805
	2,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		1,955,000
	1,000,000	Tenedora Nemak S.A. de C.V.		5.50%			02/28/2023		1,024,000
	6,834,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		5,749,103
	7,200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		5,310,000
									117,002,568

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PANAMA 6.0%
	14,100,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		15,298,500
	1,000,000	Aeropuerto Internacional de Tocumen S.A.		5.63%	^		05/18/2036		1,060,000
	6,050,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		6,201,250
	14,076,642	ENA Norte Trust		4.95%			04/25/2023		14,710,091
	7,000,000	Global Bank Corporation		5.13%	^		10/30/2019		7,367,500
	11,000,000	Global Bank Corporation		5.13%			10/30/2019		11,577,500
									56,214,841
	PARAGUAY 2.4%
	4,500,000	Banco Continental SAECA		8.88%			10/15/2017		4,522,500
	900,000	Banco Regional SAECA		8.13%	^		01/24/2019		972,000
	8,340,000	Banco Regional SAECA		8.13%			01/24/2019		9,007,200
	400,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		416,000
	7,600,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		7,904,000
									22,821,700
	PERU 6.6%
	9,000,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		9,675,000
	8,050,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		8,653,750
	3,900,000	Ajecorp B.V.		6.50%			05/14/2022		2,125,500
	2,100,000	Banco International del Peru S.A.A.		8.50%	#		04/23/2070		2,336,250
	5,818,000	Camposol S.A.		10.50%	^		07/15/2021		5,352,560
	3,000,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		2,955,000
	915,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		949,312
	2,000,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,069,000
	2,900,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		3,020,350
	1,900,000	Inkia Energy Ltd.		8.38%			04/04/2021		1,978,850
	20,632,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		17,258,668
	4,100,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		3,269,750
	2,730,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		2,177,175
									61,821,165
	QATAR 0.2%
	2,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		2,047,340
									2,047,340
	SINGAPORE 4.3%
	4,316,000	DBS Bank Ltd.		3.63%	#		09/21/2022		4,389,640
	15,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		15,682,500
	10,500,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		10,897,215
	9,000,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		9,289,233
									40,258,588
	SOUTH KOREA 0.0%
	305,000	GS Caltex Corporation		3.25%			10/01/2018		313,725
									313,725
	TRINIDAD & TOBAGO 0.4%
	3,000,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		3,225,000
									3,225,000
		Total Foreign Corporate Bonds (Cost $839,444,989)							807,875,663

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 55

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 7.7%
	COSTA RICA 1.6%
	12,100,000	Costa Rica Government International Bond		10.00%			08/01/2020		14,731,750
									14,731,750
	DOMINICAN REPUBLIC 0.9%
	8,345,206	Dominican Republic International Bond		9.04%			01/23/2018		8,762,467
									8,762,467
	HUNGARY 0.6%
	4,900,000	Hungary Government International Bond		4.00%			03/25/2019		5,146,862
									5,146,862
	PANAMA 1.4%
	12,200,000	Panama Government International Bond		5.20%			01/30/2020		13,511,500
									13,511,500
	POLAND 0.7%
	6,000,000	Poland Government International Bond		5.13%			04/21/2021		6,791,832
									6,791,832
	QATAR 2.5%
	23,500,000	Qatar Government International Bond		2.38%			06/02/2021		23,722,004
									23,722,004
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $72,500,948)							72,666,415
	SHORT TERM INVESTMENTS 4.5%
	13,967,184	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				13,967,184
	13,967,184	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				13,967,184
	13,967,184	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				13,967,184
		Total Short Term Investments (Cost $41,901,552)							41,901,552
		Total Investments 98.6% (Cost $953,847,489)							922,443,630
		Other Assets in Excess of Liabilities 1.4%							12,777,188
		NET ASSETS 100.0%						$	935,220,818

COUNTRY BREAKDOWN as a % of Net Assets:
Mexico	12.5%
Chile	11.1%
Colombia	8.9%
Panama	7.4%
Peru	6.6%
India	6.1%
Costa Rica	5.5%
Brazil	4.9%
United States	4.5%
Israel	4.4%
Singapore	4.3%
Malaysia	3.3%
Guatemala	3.2%
China	3.2%
Dominican Republic	2.7%
Qatar	2.7%
Paraguay	2.4%
Jamaica	1.7%
El Salvador	0.7%
Poland	0.7%
Hungary	0.6%
Indonesia	0.5%
Trinidad & Tobago	0.4%
Hong Kong	0.3%
South Korea	0.0%	~
Other Assets and Liabilities	1.4%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	24.3%
Oil & Gas	13.1%
Transportation	13.1%
Utilities	12.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	7.7%
Finance	5.5%
Telecommunications	5.2%
Short Term Investments	4.5%
Consumer Products	4.2%
Chemicals/Plastics	1.7%
Media	1.4%
Building and Development (including Steel/Metals)	1.3%
Retailers (other than Food/Drug)	0.9%
Pulp & Paper	0.8%
Mining	0.5%
Construction	0.5%
Conglomerates	0.4%
Beverage and Tobacco	0.2%
Technology	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Real Estate	0.1%
Automotive	0.1%
Other Assets and Liabilities	1.4%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2016.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $181,717,160 or 19.4% of net assets.

† Perpetual Maturity

¨ Seven-day yield as of September 30, 2016

~ Represents less than 0.05% of net assets

56 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.0%
		AVANT Loans Funding Trust,
	284,734	Series 2015-A-A		4.00%	^		08/16/2021		286,218
	867,548	Series 2015-A-B		6.00%	^		08/16/2021		870,497
		Citi Held For Asset Issuance,
	141,304	Series 2015-PM1-A		1.85%	^		12/15/2021		141,189
	1,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		996,616
	500,000	Series 2015-PM1-C		5.01%	^		12/15/2021		485,581
		MarketPlace Loan Trust,
	249,210	Series 2015-CB1-A		4.00%	^		07/15/2021		249,159
		Total Asset Backed Obligations (Cost $3,042,381)							3,029,260
	COLLATERALIZED LOAN OBLIGATIONS 3.7%
		Brookside Mill Ltd.,
	1,000,000	Series 2013-1A-E		5.08%	#^		04/17/2025		744,891
	1,000,000	Series 2013-1A-SUB		6.81%	#^@		04/17/2025		445,574
		Carlyle High Yield Partners Ltd.,
	71,842	Series 2006-8A-A2A		1.05%	# ^		05/21/2021		71,721
		Cent Ltd.,
	1,000,000	Series 2013-18A-D		4.16%	#^		07/23/2025		971,672
	1,000,000	Series 2013-18A-E		5.31%	#^		07/23/2025		878,514
	976,865	Series 2013-18A-SUB		7.58%	#^@		07/23/2025		523,879
	500,000	Series 2014-22A-C		4.54%	#^		11/07/2026		485,455
		Madison Park Funding Ltd.,
	500,000	Series 2014-13A-D		4.04%	#^		01/19/2025		489,445
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-C		4.47%	#^		11/14/2026		487,420
	500,000	Series 2014-1A-D		7.42%	#^		11/14/2026		476,316
		Total Collateralized Loan Obligations (Cost $6,706,288)							5,574,887
	MUNICIPAL BONDS 1.1%
	2,500,000	Commonwealth of Puerto Rico General Obligation		8.00%	W		07/01/2035		1,640,625
		Total Municipal Bonds (Cost $2,249,008)							1,640,625
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 7.1%
		Adjustable Rate Mortgage Trust,
	250,604	Series 2006-1-2A1		3.38%	#		03/25/2036		184,336
		Banc of America Alternative Loan Trust,
	462,451	Series 2006-7-A4		6.00%	#		10/25/2036		292,355
		BCAP LLC Trust,
	43,708	Series 2007-AA2-2A5		6.00%			04/25/2037		38,698
	2,766,740	Series 2009-RR4-1A2		6.48%	#^		06/26/2037		1,399,050
		ChaseFlex Trust,
	266,408	Series 2007-M1-2F4		4.35%	#		08/25/2037		222,226
		Citicorp Mortgage Securities, Inc.,
	57,673	Series 2007-2-3A1		5.50%			02/25/2037		57,529
		Citigroup Mortgage Loan Trust, Inc.,
	199,439	Series 2009-7-2A2		5.50%	^		10/25/2021		205,505
		CitiMortgage Alternative Loan Trust,
	280,980	Series 2007-A6-1A11		6.00%			06/25/2037		245,385
		Countrywide Alternative Loan Trust,
	106,444	Series 2006-32CB-A16		5.50%			11/25/2036		90,620
	760,358	Series 2006-J1-2A1		7.00%			02/25/2036		297,888
	23,230	Series 2007-17CB-1A10		27.48%	# I/F		08/25/2037		39,004
	15,617	Series 2007-21CB-2A2		26.30%	# I/F		09/25/2037		24,649
		Countrywide Home Loans,
	247,877	Series 2007-10-A5		6.00%			07/25/2037		209,471
	13,185	Series 2007-4-1A5		6.50%			05/25/2037		11,625

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse First Boston Mortgage Securities Corporation,
	156,756	Series 2005-8-1A3		5.25%			09/25/2035		141,402
		Credit Suisse Mortgage Capital Certificates,
	46,090	Series 2006-9-4A1		6.00%			11/25/2036		37,644
	305,600	Series 2010-7R-4A17		6.00%	#^		04/26/2037		293,184
		Deutsche Mortgage Securities, Inc.,
	152,471	Series 2006-PR1-3A1		11.39%	#^ I/F		04/15/2036		170,801
	308,694	Series 2006-PR1-5AI4		11.39%	#^ I/F		04/15/2036		346,864
		First Horizon Alternative Mortgage Securities,
	59,503	Series 2007-FA2-1A3		6.00%			04/25/2037		44,641
		GreenPoint Mortgage Funding Trust,
	1,586,483	Series 2005-AR3-2A1		0.79%	#		08/25/2045		1,029,500
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		179,051
		GSR Mortgage Loan Trust,
	134,548	Series 2006-2F-2A20		10.58%	# I/F		02/25/2036		142,950
		JP Morgan Alternative Loan Trust,
	35,212	Series 2005-S1-2A11		6.00%			12/25/2035		32,345
	531,621	Series 2006-S1-1A3		5.50%			03/25/2036		432,822
		JP Morgan Mortgage Acquisition Corporation,
	166,499	Series 2006-CH2-AF3		5.46%	#		10/25/2036		129,786
		Lavender Trust,
	297,000	Series 2010-R12A-A3		6.00%	^		06/26/2037		297,071
		Lehman Mortgage Trust,
	89,360	Series 2006-4-1A3		4.87%	# I/F I/O		08/25/2036		20,011
	5,585	Series 2006-4-1A4		6.00%			08/25/2036		5,046
	47,323	Series 2007-5-11A1		5.35%	#		06/25/2037		34,611
		Lehman XS Trust,
	225,958	Series 2005-1-3A3A		5.11%	#		07/25/2035		210,091
		MASTR Resecuritization Trust,
	335,532	Series 2008-4-A1		6.00%	#^		06/27/2036		283,580
		Morgan Stanley Mortgage Loan Trust,
	1,882,450	Series 2006-8AR		0.78%	#		06/25/2036		987,608
	321,613	Series 2007-13-6A1		6.00%			10/25/2037		281,992
		Residential Accredit Loans, Inc.,
	243,927	Series 2006-QS10-A9		6.50%			08/25/2036		209,724
	4,409	Series 2006-QS13-1A8		6.00%			09/25/2036		3,620
	250,881	Series 2006-QS2-1A4		5.50%			02/25/2036		218,754
	50,563	Series 2006-QS7-A4		0.93%	#		06/25/2036		32,768
	151,688	Series 2006-QS7-A5		5.07%	# I/F I/O		06/25/2036		29,797
	93,841	Series 2006-QS8-A4		0.98%	#		08/25/2036		61,457
	281,523	Series 2006-QS8-A5		5.02%	# I/F I/O		08/25/2036		57,439
		Residential Asset Mortgage Products, Inc.,
	307,083	Series 2004-RS2-MII1		1.40%	#		02/25/2034		297,532
		Residential Asset Securitization Trust,
	24,607	Series 2005-A12-A12		5.50%			11/25/2035		22,690
	599,158	Series 2006-A16-1A3		6.00%			02/25/2037		476,838
	481,346	Series 2007-A1-A8		6.00%			03/25/2037		330,311
	397,756	Series 2007-A5-2A5		6.00%			05/25/2037		357,233
		Washington Mutual Mortgage Pass-Through Certificates,
	313,044	Series 2006-8-A6		4.57%	#		10/25/2036		210,323
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $10,812,265)							10,727,827
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 3.7%
		Federal Home Loan Mortgage Corporation,
	69,253	Series 3261-SA		5.91%	# I/F I/O		01/15/2037		13,235
	52,703	Series 3317-DS		13.69%	# I/F		05/15/2037		67,793
	143,760	Series 3355-BI		5.53%	# I/F I/O		08/15/2037		27,577
	122,041	Series 3384-S		5.87%	# I/F I/O		11/15/2037		14,595
	194,883	Series 3384-SG		5.79%	# I/F I/O		08/15/2036		28,827
	127,820	Series 3417-SX		5.66%	# I/F I/O		02/15/2038		17,141
	166,787	Series 3423-GS		5.13%	# I/F I/O		03/15/2038		20,521
	1,653,602	Series 3423-TG		0.35%	# I/F I/O		03/15/2038		12,566
	180,077	Series 3500-SA		5.00%	# I/F I/O		01/15/2039		20,764

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 57

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	297,112	Series 3523-SM		5.48%	# I/F I/O		04/15/2039		44,513
	49,380	Series 3562-WS		4.43%	# I/F I/O		08/15/2039		5,433
	297,503	Series 3728-SV		3.93%	# I/F I/O		09/15/2040		31,756
	249,782	Series 3758-S		5.51%	# I/F I/O		11/15/2040		48,197
	81,463	Series 3779-DZ		4.50%			12/15/2040		90,893
	6,856	Series 3780-YS		8.85%	# I/F		12/15/2040		6,880
	301,209	Series 3815-ST		5.33%	# I/F I/O		02/15/2041		46,148
	109,806	Series 3900-SB		5.45%	# I/F I/O		07/15/2041		15,061
	422,225	Series 3923-CZ		5.00%			09/15/2041		511,575
		Federal National Mortgage Association,
	127,235	Series 2006-101-SA		6.05%	# I/F I/O		10/25/2036		25,610
	66,717	Series 2006-123-LI		5.79%	# I/F I/O		01/25/2037		13,392
	460,970	Series 2007-39-AI		5.59%	# I/F I/O		05/25/2037		92,259
	217,760	Series 2007-57-SX		6.09%	# I/F I/O		10/25/2036		40,346
	14,203	Series 2009-49-S		6.22%	# I/F I/O		07/25/2039		3,023
	361,035	Series 2009-86-CI		5.27%	# I/F I/O		09/25/2036		53,497
	144,527	Series 2009-90-IA		5.22%	# I/F I/O		03/25/2037		18,345
	139,613	Series 2009-90-IB		5.19%	# I/F I/O		04/25/2037		18,972
	359,867	Series 2010-39-SL		5.14%	# I/F I/O		05/25/2040		52,980
	188,074	Series 2011-5-PS		5.87%	# I/F I/O		11/25/2040		21,225
	357,861	Series 2012-30-DZ		4.00%			04/25/2042		405,967
	1,105,033	Series 2013-53-ZC		3.00%			06/25/2043		1,120,412
	765,051	Series 2013-55-KS		5.21%	# I/F		06/25/2043		765,566
	1,031,972	Series 2013-55-VZ		3.00%			06/25/2043		1,066,622
		Government National Mortgage Association,
	35,019	Series 2009-6-SM		5.42%	# I/F I/O		02/20/2038		6,243
	561,121	Series 2011-45-GZ		4.50%			03/20/2041		603,055
	250,000	Series 2011-7-LS		8.82%	# I/F		12/20/2040		289,244
		Total US Government / Agency Mortgage Backed Obligations (Cost $4,985,642)							5,620,233
	REAL ESTATE INVESTMENT TRUSTS 3.3%
	240,000	Annaly Capital Management, Inc.							2,520,000
	148,747	Chimera Investment Corporation							2,372,515
		Total Real Estate Investment Trusts (Cost $4,467,259)							4,892,515
	AFFILIATED MUTUAL FUNDS 29.3%
	578,000	DoubleLine Core Fixed Income Fund (Class I)							6,433,138
	199,203	DoubleLine Flexible Income Fund (Class I)							1,954,183
	675,944	DoubleLine Low Duration Bond Fund (Class I)							6,806,759
	2,663,622	DoubleLine Total Return Bond Fund (Class I)							29,086,752
		Total Affiliated Mutual Funds (Cost $45,097,852)							44,280,832
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 13.9%
	101,500	iShares MSCI Australia Index Fund							2,121,350
	106,000	iShares MSCI Canada Index Fund							2,723,140
	230,000	iShares MSCI Emerging Markets Index Fund							8,613,500
	55,000	iShares MSCI Hong Kong Index Fund							1,210,550
	38,750	iShares MSCI Singapore Index Fund							420,825
	18,000	iShares MSCI Sweden Index Fund							523,260
	42,500	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.							341,275
	25,600	Stone Harbor Emerging Markets Income Fund							407,296

PRINCIPAL AMOUNT $ / SHARES / CONTRACTS		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	37,500	Templeton Emerging Markets Income Fund							412,500
	130,000	VanEck Vectors Gold Miners ETF							3,435,900
	25,300	Western Asset Emerging Markets Debt Fund, Inc.							411,378
	36,400	Western Asset Emerging Markets Income Fund, Inc.							418,964
		Total Exchange Traded Funds and Common Stocks (Cost $20,318,778)							21,039,938
	PURCHASED OPTIONS 0.4%
		SPDR S&P 500 ETF Put,
	560	Expiration December 2016, Strike Price $213							247,520
		SPDR S&P 500 ETF Call,
	450	Expiration December 2016, Strike Price $213							342,900
		Total Purchased Options (Cost $661,703)							590,420
	SHORT TERM INVESTMENTS 32.0%
	14,181,694	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				14,181,694
	1,870,776	Dreyfus Government Cash Management - Institutional Shares		0.30%	¨				1,870,776
	12,310,919	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				12,310,919
	14,928,694	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨‡				14,928,694
	5,000,000	United States Treasury Bills		0.00%			12/01/2016		4,998,735
		Total Short Term Investments (Cost $48,291,181)							48,290,818
		Total Investments 96.5% (Cost $146,632,357)							145,687,355
		Other Assets in Excess of Liabilities 3.5%							5,285,060
		NET ASSETS 100.0%						$	150,972,415

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	32.0%
Affiliated Mutual Funds	29.3%
Exchange Traded Funds and Common Stocks	13.9%
Non-Agency Residential Collateralized Mortgage Obligations	7.1%
US Government / Agency Mortgage Backed Obligations	3.7%
Collateralized Loan Obligations	3.7%
Real Estate Investment Trusts	3.3%
Asset Backed Obligations	2.0%
Municipal Bonds	1.1%
Purchased Options	0.4%
Other Assets and Liabilities	3.5%
	100.0%

58 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $11,600,202 or 7.7% of net assets.

# Variable rate security. Rate disclosed as of September 30, 2016.

@ Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of September 30, 2016.

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

I/O Interest only security

¨ Seven-day yield as of September 30, 2016

‡ All or a portion of security has been pledged as collateral in connection with swaps.

Futures Contracts - Long
Contracts	Security Description	Expiration Month/Year		Unrealized Appreciation (Depreciation)
23	Gold Future		12/2016	$	(57,799	)
42	Nikkei-225 Future		12/2016		(66,005	)
204	E-mini S&P 500 Future		12/2016		427,816
111	mini MSCI Emerging Markets Index Future		12/2016		129,677
68	FTSE 100 Index Future		12/2016		158,590
				$	592,279

Futures Contracts - Short
Contracts	Security Description	Expiration Month/Year		Unrealized Appreciation (Depreciation)
118	Ultra 10 Year US Treasury Note Future		12/2016	$	(35,929	)
				$	(35,929	)

Total Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Cocoa Official Close Index	Morgan Stanley		0.25%		595,000		10/06/2016	$	7,193
S&P GSCI Copper Official Close Index	Morgan Stanley		0.25%		595,000		10/06/2016		2,794
S&P GSCI Sugar Official Close Index	Morgan Stanley		0.15%		595,000		10/06/2016		(8,922	)
S&P GSCI Unleaded Gasoline Official Close Index	Morgan Stanley		0.25%		595,000		10/06/2016		8,661
S&P GSCI Gold Official Close Index	Morgan Stanley		0.20%		595,000		10/06/2016		(3,997	)
S&P GSCI Zinc Official Close Index	Morgan Stanley		0.25%		595,000		10/06/2016		5,176
SPDR S&P Bank ETF	JP Morgan Securities LLC		0.48%		7,504,510		12/13/2016		(24,450	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		31,300,000		04/28/2017		2,893,784
								$	2,880,239

Total Return Swaps - Short
Reference Entity	Counterparty	Financing Rate			Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Wheat Official Close Index	Morgan Stanley		0.25	%		595,000		10/06/2016	$	(4,478	)
S&P GSCI Corn Official Close Index	Morgan Stanley		0.15	%		595,000		10/06/2016		(13,558	)
S&P GSCI Brent Crude Official Close Index	Morgan Stanley		0.25	%		595,000		10/06/2016		(4,542	)
S&P GSCI Crude Oil Official Close Index	Morgan Stanley		0.20	%		595,000		10/06/2016		(5,103	)
S&P GSCI Natural Gas Official Close Index	Morgan Stanley		0.15	%		595,000		10/06/2016		10,655
S&P GSCI Kansas Wheat Official Close Index	Morgan Stanley		0.15	%		595,000		10/06/2016		2,492
Vanguard REIT ETF	JP Morgan Securities LLC		0.68	%		7,496,936		12/14/2016		(190,753	)
S&P 500 Equal Weight Consumer Discretionary Index	JP Morgan Securities LLC		0.18	%		9,998,534		01/19/2017		(56,537	)
									$	(261,824	)

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index that invests primarily in equity securities of companies in the relevant sector. At September 30, 2016, the four sector constituents and their weightings were as follows: Energy 25.4%, Technology 25.1%, Industrial 24.8% and Consumer Discretionary 24.7%.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 59

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund  (Cont.) (Unaudited) September 30, 2016

A summary of the DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the period ended September 30, 2016 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at September 30, 2016		Value at September 30, 2016		Dividend Income Earned in the Period Ended September 30, 2016		Net Realized Gain (Loss) in the Period Ended September 30, 2016
DoubleLine Total Return Bond Fund	$	28,953,571	$	—	$	—		2,663,622	$	29,086,752	$	521,909	$	—
DoubleLine Core Fixed Income Fund		6,282,858		—		—		578,000		6,433,138		92,512		—
DoubleLine Flexible Income Fund		1,902,390		—		—		199,203		1,954,183		35,850		—
DoubleLine Low Duration Bond Fund		—		6,800,000		—		675,944		6,806,759		43,640		—
	$	37,138,819	$	6,800,000	$	—		4,116,769	$	44,280,832	$	693,911	$	—

60 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Low Duration Bond Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 5.8%
		Access Group, Inc.,
	12,162,178	Series 2007-A-B		1.38%	#		02/25/2037		10,611,022
		Access Point Funding LLC,
	3,455,172	Series 2015-A-A		2.61%	^		04/15/2020		3,457,313
		AVANT Loans Funding Trust,
	647,236	Series 2016-B-A		3.92%	^		08/15/2019		651,363
	933,971	Series 2016-C-A		2.96%	^		09/16/2019		935,470
		Blue Elephant Loan Trust,
	861,376	Series 2015-1-A		3.12%	^		12/15/2022		863,363
		Consumer Credit Origination Loan Trust,
	1,224,762	Series 2015-1-A		2.82%	^		03/15/2021		1,226,731
		Consumer Installment Loan Trust,
	1,923,358	Series 2016-LD1-A		3.96%	^		07/15/2022		1,929,203
		Eagle Ltd.,
	2,517,188	Series 2014-1A-A1		2.57%	^		12/15/2039		2,500,466
		Eaglewood Consumer Loan Trust,
	5,000,000	Series 2014-1-A		3.50%	^¥		10/15/2019		4,975,245
		Earnest Student Loan Program,
	15,883,974	Series 2016-A-A2		2.50%	^		04/25/2033		15,711,741
		Flagship Credit Auto Trust,
	6,000,000	Series 2016-3-B		2.43%	^		06/15/2021		6,047,334
		MarketPlace Loan Trust,
	7,942,638	Series 2015-AV2-A		4.00%	^		10/15/2021		7,989,849
		OneMain Financial Issuance Trust,
	3,598,636	Series 2014-1A-A		2.43%	^		06/18/2024		3,602,183
	10,000,000	Series 2015-AA-A		3.19%	^		03/18/2026		10,114,039
		Progress Residential Trust,
	7,750,000	Series 2016-SFR1-A		2.03%	#^		09/17/2033		7,844,858
		Sierra Timeshare Receivables Funding LLC,
	19,871,533	Series 2016-2A-A		2.33%	^		07/20/2033		19,889,676
		SoFi Consumer Loan Program LLC,
	1,403,657	Series 2016-1-NT		3.26%	^		08/25/2025		1,418,356
		SoFi Consumer Loan Program Trust,
	10,000,000	Series 2016-2-A		3.09%	^		10/27/2025		10,031,448
		SoFi Professional Loan Program,
	3,619,508	Series 2013-A-A		3.75%	^		12/25/2029		3,733,635
	1,265,400	Series 2014-A-A2		3.02%	^		10/25/2027		1,294,632
	4,929,814	Series 2015-C-A2		2.51%	^		08/25/2033		5,019,931
	8,890,755	Series 2016-A-A2		2.76%	^		12/26/2036		9,119,689
		SpringCastle America Funding LLC,
	18,918,710	Series 2014-AA-A		2.70%	^		05/25/2023		18,984,756
	20,000,000	Series 2016-AA-A		3.05%	^		04/25/2029		20,204,180
		Springfield Funding Trust,
	10,000,000	Series 2015-AA-A		3.16%	^		11/15/2024		10,129,574
		Spruce Asset Backed Securities Trust,
	877,648	Series 2016-E1-A		4.32%	^		06/15/2028		880,444
		Westlake Automobile Receivables Trust,
	7,000,000	Series 2016-2-B		2.30%	^		11/15/2019		7,077,526
		Total Asset Backed Obligations (Cost $185,628,924)							186,244,027
	COLLATERALIZED LOAN OBLIGATIONS 19.6%
		ALM LLC,
	7,500,000	Series 2016-19A-A1		2.18%	#^		07/15/2028		7,517,596
	2,500,000	Series 2016-19A-A2		2.83%	#^		07/15/2028		2,504,118
		ALM Loan Funding,
	10,000,000	Series 2012-7A-A1		2.11%	#^		10/19/2024		10,000,071
		Anchorage Capital Ltd.,
	950,000	Series 2014-4A-A1A		2.19%	#^		07/28/2026		951,508
		Apidos Ltd.,
	9,975,000	Series 2013-16A-A1		2.14%	#^		01/19/2025		9,998,990

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		ARES Ltd.,
	1,697,113	Series 2007-3RA-A2		0.90%	#^		04/16/2021		1,687,586
		Avery Point Ltd.,
	3,000,000	Series 2014-1A-A		2.23%	#^		04/25/2026		3,011,670
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-C2		3.83%	#^		07/15/2026		1,000,902
		Bluemountain Ltd.,
	5,000,000	Series 2007-3A-C		1.55%	#^		03/17/2021		4,980,611
		BlueMountain Ltd.,
	2,607,719	Series 2007-3A-A1B		1.11%	#^		03/17/2021		2,597,819
	10,000,000	Series 2012-2A-A1		2.23%	#^		11/20/2024		10,015,000
	9,500,000	Series 2014-3A-A1		2.16%	#^		10/15/2026		9,508,965
	4,000,000	Series 2014-4A-B1		3.23%	#^		11/30/2026		4,009,797
	15,000,000	Series 2015-2A-A1		2.11%	#^		07/18/2027		15,031,500
	15,000,000	Series 2015-3A-A1		2.18%	#^		10/20/2027		15,033,383
		Bridgeport Ltd.,
	2,584,397	Series 2006-1A-A1		0.95%	#^		07/21/2020		2,586,065
		Carlyle Global Market Strategies Ltd.,
	2,250,000	Series 2013-2A-D		4.43%	#^		04/18/2025		2,244,871
		Carlyle High Yield Partners Ltd.,
	1,000,000	Series 20017-10A-A2B		0.99%	#^		04/19/2022		999,860
	495,446	Series 2006-8A-A1		1.06%	#^		05/21/2021		493,736
	2,747,948	Series 2006-8A-A2A		1.05%	#^		05/21/2021		2,743,320
	2,570,255	Series 2006-9A-A1		1.09%	#^		08/01/2021		2,552,860
	14,298,220	Series 2007-10-A1		0.91%	#^		04/19/2022		14,296,275
	6,326,369	Series 2007-10A-A2A		0.90%	#^		04/19/2022		6,325,652
		Catamaran Ltd.,
	5,000,000	Series 2012-1A-A		2.27%	#^		12/20/2023		5,005,491
	5,000,000	Series 2014-1A-A1		2.25%	#^		04/20/2026		5,006,035
	1,250,000	Series 2014-1A-B		3.35%	#^		04/20/2026		1,223,620
		Cathedral Lake Ltd.,
	5,000,000	Series 2013-1A-A1R		2.25%	#^		01/15/2026		5,000,000
		Cent Ltd.,
	899,065	Series 2007-14A-A1		0.92%	#^		04/15/2021		887,094
	8,878,497	Series 2007-14A-A2A		0.91%	#^		04/15/2021		8,762,789
		Cornerstone Ltd.,
	55,885	Series 2007-1A-A1S		0.90%	#^		07/15/2021		55,899
		Covenant Credit Partners Ltd.,
	5,000,000	Series 2014-1A-A		2.18%	#^		07/20/2026		5,007,048
		Dryden Senior Loan Fund,
	500,000	Series 2012-25A-D		4.68%	#^		01/15/2025		498,931
		Eaton Vance Ltd.,
	4,173,171	Series 2006-8A-A		1.07%	#^		08/15/2022		4,138,000
	1,500,000	Series 2006-8A-B		1.47%	#^		08/15/2022		1,479,159
		Flatiron Ltd.,
	1,000,000	Series 2013-1A-A1		2.08%	#^		01/17/2026		998,454
		Four Corners Ltd.,
	1,061,559	Series 2006-2A-A		0.99%	#^		01/26/2020		1,061,474
		Franklin Ltd.,
	6,244,253	Series 2016-6A-A		1.02%	#^		08/09/2019		6,209,167
		Galaxy Ltd.,
	2,500,000	Series 2013-15A-A		1.93%	#^		04/15/2025		2,500,353
	24,500,000	Series 2014-18A-A		2.15%	#^		10/15/2026		24,520,964
		GoldenTree Loan Opportunities Ltd.,
	483,593	Series 2007-4A-A1B		1.03%	#^		08/18/2022		481,910
	2,000,000	Series 2012-6A-D		4.88%	#^		04/17/2022		2,002,717
	5,000,000	Series 2014-8A-A		2.14%	#^		04/19/2026		4,996,615
		Halcyon Loan Advisors Funding Ltd.,
	9,000,000	Series 2012-1X-A2		3.32%	#		08/15/2023		9,045,142
	1,000,000	Series 2014-1A-A1		2.21%	#^		04/18/2026		1,001,837
	2,250,000	Series 2014-2A-C		4.24%	#^		04/28/2025		1,966,556
		Highbridge Loan Management Ltd.,
	1,000,000	Series 2016-8A-X		1.70%	#^		04/20/2027		999,896
		Hillmark Funding Ltd.,
	15,111,830	Series 2006-1A-A1		1.06%	#^		05/21/2021		15,064,462

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 61

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		ING Ltd.,
	5,641,101	Series 2012-1RA-A1R		2.06%	#^		03/14/2022		5,648,324
		Jamestown Ltd.,
	4,000,000	Series 2014-4A-A1A		2.18%	#^		07/15/2026		3,985,425
	31,000,000	Series 2016-9A-A1B		2.32%	#^		10/20/2028		31,019,905
		Kingsland Ltd.,
	19,107,897	Series 2006-2A-A1A		0.91%	#^		04/21/2021		19,060,790
		Landmark Ltd.,
	3,233,517	Series 2006-8A-A1		0.93%	#^		10/19/2020		3,230,816
		LCM LP,
	6,076,517	Series 10AR-AR		1.94%	#^		04/15/2022		6,083,897
	500,000	Series 10AR-BR		2.38%	#^		04/15/2022		500,604
	500,000	Series 10AR-CR		3.53%	#^		04/15/2022		502,494
	1,000,000	Series 11A-B		2.84%	#^		04/19/2022		1,002,454
	25,500,000	Series 12A-AR		1.89%	#^		10/19/2022		25,483,214
	1,000,000	Series 15A-C		3.93%	#^		08/25/2024		1,001,260
	5,500,000	Series 16A-A		2.18%	#^		07/15/2026		5,501,440
		Madison Park Funding Ltd.,
	434,907	Series 2007-4A-A2		1.10%	#^		03/22/2021		429,051
	10,000,000	Series 2012-10A-A1A		2.07%	#^		01/20/2025		10,007,161
	500,000	Series 2014-15A-C		4.43%	#^		01/27/2026		497,933
		Magnetite Ltd.,
	4,750,000	Series 2014-9A-A1		2.13%	#^		07/25/2026		4,759,975
	250,000	Series 2015-12A-A		2.18%	#^		04/15/2027		250,313
		MAPS Fund Ltd.,
	1,000,000	Series 2007-2A-B		1.60%	#^		07/20/2022		968,981
		Mountain Hawk Ltd.,
	18,400,000	Series 2014-A3-A		2.18%	#^		04/18/2025		18,394,410
		Mountain View Ltd.,
	10,046,340	Series 2006-2A-A1		0.92%	#^		01/12/2021		10,001,558
	800,000	Series 2007-3A-A2		1.02%	#^		04/16/2021		800,634
		Nautique Funding Ltd.,
	645,612	Series 2006-1A-A1A		0.93%	#^		04/15/2020		645,738
		Navigare Funding Ltd.,
	3,000,000	Series 2007-2A-C		1.43%	#^		04/17/2021		2,960,039
		NewMark Capital Funding Ltd.,
	9,750,000	Series 2013-1A-A2		1.96%	#^		06/02/2025		9,707,961
		Northwoods Capital Corporation,
	20,000,000	Series 2012-9A-A		2.10%	#^		01/18/2024		20,000,747
	3,000,000	Series 2013-10-A1		2.17%	#^		11/04/2025		2,994,738
		Oak Hill Credit Partners,
	1,000,000	Series 2012-7A-A		2.23%	#^		11/20/2023		1,001,233
		Ocean Trails,
	681,777	Series 2006-1X-A1		0.92%	#		10/12/2020		680,018
		Octagon Investment Partners Ltd.,
	1,755,434	Series 2012-1A-AR		2.05%	#^		05/05/2023		1,757,632
	8,750,000	Series 2016-1A-B		2.81%	#^		07/15/2027		8,755,872
		OZLM Funding Ltd.,
	3,110,000	Series 2013-5A-A1		2.18%	#^		01/17/2026		3,113,764
		OZLM Ltd.,
	11,900,000	Series 2014-6A-A1		2.23%	#^		04/17/2026		11,900,119
		Palmer Square Loan Funding Ltd.,
	2,000,000	Series 2016-2A-A1		1.98%	#^		06/21/2024		2,002,285
		Race Point Ltd.,
	5,000,000	Series 2012-7A-A		2.21%	#^		11/08/2024		5,005,086
		Regatta Funding Ltd.,
	3,000,000	Series 2014-1A-A1A		2.27%	#^		10/25/2026		3,003,544
		Silverado Ltd.,
	1,871,558	Series 2006-2A-A1		0.92%	#^		10/16/2020		1,856,487
		Slater Mill Loan Fund,
	3,800,000	Series 2012-1A-B		3.45%	#^		08/17/2022		3,803,433
		Sound Harbor Loan Fund Ltd.,
	3,000,000	Series 2014-1A-A1		2.26%	#^		10/30/2026		3,003,597

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Steele Creek Ltd.,
	2,000,000	Series 2014-1A-A1		2.41%	#^		08/21/2026		2,002,542
		Symphony Ltd.,
	4,000,000	Series 2007-3A-C		1.48%	#^		05/15/2019		3,948,245
	25,000,000	Series 2010-10A-AR		1.98%	#^		07/23/2023		25,003,228
	9,320,170	Series 2012-8AR-AR		1.57%	#^		01/09/2023		9,325,320
	10,000,000	Series 2013-11A-A		1.98%	#^		01/17/2025		10,011,941
		TCI-Flatiron Ltd.,
	20,000,000	Series 2016-1A-A		2.21%	#^		07/17/2028		20,061,155
		Venture Ltd.,
	9,250,000	Series 2014-16A-A1L		2.18%	#^		04/15/2026		9,256,928
	14,000,000	Series 2014-17A-A		2.16%	#^		07/15/2026		14,006,233
	1,000,000	Series 2014-17A-B2		2.78%	#^		07/15/2026		1,001,137
	2,000,000	Series 2014-18A-A		2.13%	#^		10/15/2026		2,000,669
	10,000,000	Series 2016-23A-A		2.30%	#^		07/19/2028		10,011,900
		Wasatch Ltd.,
	10,894,114	Series 2006-1A-A1B		1.06%	#^		11/14/2022		10,672,416
		Washington Mill Ltd.,
	5,000,000	Series 2014-1A-A1		2.20%	#^		04/20/2026		4,997,500
	1,000,000	Series 2014-1A-B1		2.75%	#^		04/20/2026		999,989
	1,000,000	Series 2014-1A-C		3.70%	#^		04/20/2026		1,003,678
		Westwood Ltd.,
	2,234,159	Series 2006-1X-A1		1.10%	#		03/25/2021		2,216,125
	1,379,779	Series 2007-2A-A1		0.93%	#^		04/25/2022		1,374,980
		WhiteHorse Ltd.,
	2,500,000	Series 2012-1A-B1L		5.01%	#^		02/03/2025		2,500,848
	5,000,000	Series 2013-1A-A1L		2.23%	#^		11/24/2025		5,006,152
	3,250,000	Series 2014-1A-A		2.26%	#^		05/01/2026		3,222,373
		Wind River Ltd.,
	10,000,000	Series 2013-2A-A1		2.13%	#^		01/18/2026		10,009,389
	5,000,000	Series 2014-1A-A		2.20%	#^		04/18/2026		5,009,278
		York Ltd.,
	1,500,000	Series 2016-1A-X		1.76%	#^		07/20/2025		1,500,988
		Zais Ltd.,
	4,500,000	Series 2014-2A-A1A		2.21%	#^		07/25/2026		4,497,432
		Total Collateralized Loan Obligations (Cost $626,473,984)							628,969,146
	FOREIGN CORPORATE BONDS 16.5%
	10,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		10,140,950
	2,000,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		2,170,000
	3,550,000	Agromercantil Senior Trust		6.25%			04/10/2019		3,709,750
	1,450,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		1,515,250
	5,145,000	AstraZeneca PLC		1.75%			11/16/2018		5,185,928
	7,000,000	Axiata SPV2 BHD		3.47%			11/19/2020		7,355,733
	10,000,000	Banco Davivienda S.A.		2.95%			01/29/2018		10,102,500
	5,500,000	Banco de Bogota S.A.		5.00%			01/15/2017		5,545,072
	9,000,000	Banco de Costa Rica		5.25%			08/12/2018		9,270,000
	2,000,000	Banco de Credito del Peru		2.75%	^		01/09/2018		2,023,000
	3,000,000	Banco de Credito del Peru		2.75%			01/09/2018		3,034,500
	8,300,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		8,307,470
	1,000,000	Banco GNB Sudameris S.A.		3.88%	^		05/02/2018		1,000,900
	2,000,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		2,017,500
	4,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%	^		05/07/2020		4,100,000

62 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE				MATURITY		VALUE $
	2,300,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%				05/07/2020		2,357,500
	3,916,000	Banco Mercantil del Norte		6.86%	#			10/13/2021		3,916,000
	4,275,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#			08/11/2026		4,156,155
	725,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#^			08/11/2026		704,845
	9,000,000	Banco Nacional de Costa Rica		4.88%				11/01/2018		9,274,500
	400,000	Banco Nacional de Costa Rica		5.88%				04/25/2021		417,500
	2,000,000	Banco Nacional de Costa Rica		5.88%	^			04/25/2021		2,087,500
	1,000,000	Banco Regional SAECA		8.13%				01/24/2019		1,080,000
	500,000	Banco Santander		4.13%				11/09/2022		516,250
	11,100,000	Banco Santander		5.95%	#			01/30/2024		11,693,295
	5,150,000	Bancolombia S.A.		6.13%				07/26/2020		5,574,875
	5,160,000	Bank of Montreal		1.50%				07/18/2019		5,150,805
	8,750,000	BBVA Banco Continental S.A.		3.25%				04/08/2018		8,925,000
	12,800,000	BBVA Bancomer S.A.		6.01%	#			05/17/2022		12,893,056
	1,526,000	Bharat Petroleum Corporation Ltd.		4.63%				10/25/2022		1,667,918
	931,000	BP Capital Markets PLC		1.68%				05/03/2019		934,892
	2,336,000	BP Capital Markets PLC		1.85%				05/05/2017		2,346,325
	2,000,000	BP Capital Markets PLC		1.67%				02/13/2018		2,008,080
	4,890,000	British Telecommunications PLC		5.95%				01/15/2018		5,174,691
	3,550,000	Celulosa Arauco y Constitucion S.A.		7.25%				07/29/2019		4,027,532
	125,000	Celulosa Arauco y Constitucion S.A.		5.00%				01/21/2021		134,867
	300,000	Cementos Progreso Trust		7.13%				11/06/2023		320,250
	4,100,000	Cemex S.A.B. de C.V.		5.43%	#	��		10/15/2018		4,274,250
	6,000,000	Central American Bottling Corporation		6.75%				02/09/2022		6,300,000
	8,000,000	CNOOC Finance Ltd.		2.63%				05/05/2020		8,166,432
	1,900,000	CNPC General Capital Ltd.		2.75%				05/14/2019		1,945,017
	1,000,000	Colbun S.A.		6.00%				01/21/2020		1,120,521
	10,500,000	Corpbanca S.A.		3.13%				01/15/2018		10,650,570
	400,000	Corpbanca S.A.		3.88%				09/22/2019		418,354
	4,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^			07/15/2019		4,150,000
	4,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%				07/15/2019		4,150,000
	1,500,000	Cosan Overseas Ltd.		8.25%	†			11/29/2049		1,511,250
	4,324,000	Covidien International Finance S.A.		6.00%				10/15/2017		4,535,076
	9,000,000	DBS Bank Ltd.		3.63%	#			09/21/2022		9,153,558
	7,000,000	Delek & Avner Tamar Bond Ltd.		3.84%	^			12/30/2018		7,299,250
	5,000,000	Delek & Avner Tamar Bond Ltd.		4.44%	^			12/30/2020		5,281,250
	1,300,000	Digicel Ltd.		7.00%				02/15/2020		1,248,000
	1,000,000	Embraer Overseas Ltd.		6.38%				01/24/2017		1,015,000
	2,800,000	Empresa de Energia de Bogota S.A.		6.13%				11/10/2021		2,898,000
	5,000,000	Empresas Publicas de Medellin E.S.P.		7.63%				07/29/2019		5,681,250
	11,791,779	ENA Norte Trust		4.95%				04/25/2023		12,322,409
	10,600,000	Export-Import Bank of India		3.13%				07/20/2021		10,952,938
	5,400,000	Fondo Mivivienda S.A.		3.38%				04/02/2019		5,586,300
	3,000,000	Fondo Mivivienda S.A.		3.38%	^			04/02/2019		3,103,500
	5,000,000	Global Bank Corporation		4.75%				10/05/2017		5,157,750
	4,000,000	Global Bank Corporation		5.13%				10/30/2019		4,210,000
	4,000,000	Global Bank Corporation		5.13%	^			10/30/2019		4,210,000
	12,550,000	Globo Communicacao e Participacoes S.A.		5.31%	#			05/11/2022		12,769,625

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	9,000,000	Grupo Aval Ltd.		5.25%			02/01/2017		9,071,820
	1,000,000	Grupo Aval Ltd.		4.75%			09/26/2022		992,000
	2,800,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		2,968,000
	500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		502,500
	4,500,000	GrupoSura Finance S.A.		5.70%			05/18/2021		4,916,250
	9,092,678	Guanay Finance Ltd.		6.00%			12/15/2020		9,331,361
	11,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		11,247,500
	2,000,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		2,264,706
	1,400,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		1,491,000
	2,952,512	Interoceanica Finance Ltd.		0.00%			11/30/2018		2,875,008
	8,000,000	Inversiones CMPC S.A.		4.75%			01/19/2018		8,220,000
	1,500,000	IOI Investment BHD		4.38%			06/27/2022		1,593,174
	400,000	Israel Electric Corporation Ltd.		2.63%	#		01/17/2018		399,777
	11,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		11,649,000
	5,000,000	Kia Motors Corporation		2.63%	^		04/21/2021		5,169,885
	2,000,000	Malayan Banking BHD		3.25%	#		09/20/2022		2,021,524
	2,000,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		2,030,000
	3,205,000	Mylan N.V.		2.50%	^		06/07/2019		3,235,322
	7,000,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		7,281,400
	10,470,000	ONGC Videsh Ltd.		3.25%			07/15/2019		10,768,395
	10,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		10,236,700
	5,232,000	Orange S.A.		2.75%			02/06/2019		5,388,484
	3,000,000	Oversea-Chinese Banking Corporation		3.75%	#		11/15/2022		3,066,270
	9,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		9,409,500
	7,000,000	Pacific Rubiales Energy Corporation		5.38%	W		01/26/2019		1,330,000
	1,000,000	Pacific Rubiales Energy Corporation		5.38%	^W		01/26/2019		190,000
	107,585	Peru Enhanced Pass-Through Finance Ltd.		0.00%	^		05/31/2018		105,573
	4,129,319	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		4,052,101
	2,400,000	Petroleos Mexicanos		2.70%	#		07/18/2018		2,430,000
	7,800,000	Petroleos Mexicanos		3.50%			07/18/2018		7,998,900
	8,000,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		8,190,680
	2,144,700	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		2,300,341
	3,500,000	Reliance Holdings, Inc.		4.50%			10/19/2020		3,786,524
	6,040,000	Royal Bank of Canada		2.00%			12/10/2018		6,115,899
	3,515,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		3,520,761
	9,000,000	Sigma Alimentos S.A.		5.63%			04/14/2018		9,537,300
	5,200,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		5,296,231
	1,800,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		1,833,311
	2,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		2,055,322
	3,000,000	SK Telecom Company Ltd.		2.13%			05/01/2018		3,025,185
	4,000,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		4,050,000
	1,000,000	Tanner Servicios Financieros S.A.		4.38%	^		03/13/2018		1,012,500
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		208,000
	1,000,000	Tencent Holdings Ltd.		2.88%			02/11/2020		1,027,557
	1,400,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		1,438,580
	1,655,000	Teva Pharmaceutical Finance Netherlands B.V.		1.70%			07/19/2019		1,652,254

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 63

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,380,000	Toronto Dominion Bank		1.75%			07/23/2018		5,414,292
	575,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		600,587
	7,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		7,311,500
	5,000,000	United Overseas Bank Ltd.		2.88%	#		10/17/2022		5,063,350
	9,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		9,340,470
	1,638,000	Want Want China Finance Ltd.		1.88%	^		05/14/2018		1,633,161
	2,930,000	Westpac Banking Corporation		1.95%			11/23/2018		2,954,706
	2,210,000	Westpac Banking Corporation		1.60%			08/19/2019		2,210,380
		Total Foreign Corporate Bonds (Cost $528,696,340)							530,765,730
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 1.1%
	300,000	Brazilian Government International Bond		8.00%			01/15/2018		315,300
	910,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,107,925
	459,050	Dominican Republic International Bond		9.04%			01/23/2018		482,003
	2,500,000	Hungary Government International Bond		4.00%			03/25/2019		2,625,950
	7,000,000	Mexico Government International Bond		3.50%			01/21/2021		7,458,500
	5,000,000	Panama Government International Bond		5.20%			01/30/2020		5,537,500
	6,000,000	Poland Government International Bond		5.13%			04/21/2021		6,791,832
	12,000,000	Qatar Government International Bond		2.38%			06/02/2021		12,113,364
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $35,922,424)							36,432,374
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 19.1%
		A10 LLC,
	9,595,000	Series 2016-1-A1		2.42%	^		03/15/2035		9,637,372
		Arbor Realty Ltd.,
	3,710,000	Series 2015-FL2A-C		5.52%	#^		09/15/2025		3,592,408
		Asset Securitization Corporation,
	4,296,168	Series 1997-D4-PS1		2.03%	# I/O		04/14/2029		40,034
		Banc of America Commercial Mortgage Trust,
	8,756,337	Series 2006-5-AM		5.45%			09/10/2047		8,751,315
	6,340,000	Series 2006-6-AM		5.39%			10/10/2045		6,340,809
	1,658,278	Series 2007-1-A4		5.45%			01/15/2049		1,664,996
	9,150,000	Series 2007-5-AM		5.77%	#		02/10/2051		9,384,770
		Bear Stearns Commercial Mortgage Securities Trust,
	2,645,000	Series 2007-PW18-AM		6.08%	#		06/11/2050		2,735,446
	5,954,021	Series 2007-PWR17-A4		5.69%	#		06/11/2050		6,118,611

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Commercial Mortgage Securities, Inc.,
	1,402,730	Series 2006-PW13-AJ		5.61%	#		09/11/2041		1,402,148
	6,873,000	Series 2007-PW16-AM		5.91%	#		06/11/2040		7,037,742
	8,485,042	Series 2007-PW18-A4		5.70%			06/11/2050		8,741,226
	5,209,139	Series 2007-T26-AJ		5.57%	#		01/12/2045		5,025,801
		CD Commercial Mortgage Trust,
	9,753,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		9,846,913
		CGGS Commercial Mortgage Trust,
	8,357,783	Series 2016-RNDB-AFL		2.17%	#^		02/15/2033		8,403,011
		Citigroup Commercial Mortgage Trust,
	4,865,000	Series 2007-C6-A4		5.90%	#		12/10/2049		4,953,936
	10,500,000	Series 2007-C6-AMFX		5.90%	#^		12/10/2049		10,669,142
	9,157,400	Series 2008-C7-AM		6.33%	#		12/10/2049		9,475,013
	65,720,673	Series 2016-P3-XA		1.88%	# I/O		04/15/2049		7,693,518
		COBALT Commercial Mortgage Trust,
	8,093,806	Series 2006-C1-AM		5.25%			08/15/2048		8,092,796
	12,000,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		12,005,947
		Colony Mortgage Capital Ltd.,
	7,285,525	Series 2015-FL3-A		2.47%	#^		09/05/2032		7,316,314
		Commercial Mortgage Pass-Through Certificates,
	8,623,659	Series 2012-CR2-XA		1.90%	# I/O		08/15/2045		670,353
	132,031,758	Series 2013-CCRE-12		1.54%	# I/O		10/10/2046		8,382,234
	28,275,218	Series 2014-CR19-XA		1.43%	# I/O		08/10/2047		1,771,363
	3,890,000	Series 2014-TWC-C		2.38%	#^		02/13/2032		3,843,872
		Countrywide Commercial Mortgage Trust,
	8,732,053	Series 2007-MF1-A		6.30%	#^		11/12/2043		8,885,880
		Credit Suisse First Boston Mortgage Securities Corporation,
	39,275	Series 1998-C2-F		6.75%	#^		11/15/2030		39,510
		Credit Suisse Mortgage Capital Certificates,
	10,500,000	Series 2007-C4-A1AM		6.13%	#		09/15/2039		10,788,872
	6,434,613	Series 2007-C5-A4		5.70%	#		09/15/2040		6,583,541
	3,180,000	Series 2008-C1-AM		6.27%	#^		02/15/2041		3,281,057
	678,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		683,509
		GE Commercial Mortgage Corporation Trust,
	10,497,000	Series 2007-C1-AM		5.61%	#		12/10/2049		10,407,046
		Greenwich Capital Commercial Funding Corporation,
	4,838,500	Series 2007-GG11-AJ		6.24%	#		12/10/2049		4,843,900
	8,430,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		8,702,716
	12,302,420	Series 2007-GG9-AM		5.48%			03/10/2039		12,404,927
		GS Mortgage Securities Corporation,
	9,495,756	Series 2007-GG10-A4		5.99%	#		08/10/2045		9,650,653
	9,379,000	Series 2016-ICE2-A		2.45%	#^		02/15/2033		9,431,624
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	56,730	Series 2004-LN2-A2		5.12%			07/15/2041		56,725
	757,652	Series 2006-LDP8-AJ		5.48%	#		05/15/2045		760,427
	8,680,000	Series 2006-LDP9-AM		5.37%			05/15/2047		8,707,377
	4,260,000	Series 2007-C1-AM		6.19%	#		02/15/2051		4,301,606
	9,950,000	Series 2007-CB20-AJ		6.29%	#		02/12/2051		9,954,550
	10,866,373	Series 2007-CB20-AM		6.09%	#		02/12/2051		11,256,834
	693,000	Series 2007-CB20-AMFX		5.93%	#		02/12/2051		718,333
	11,495,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		11,603,475
	10,548,000	Series 2007-CIBC19-AM		5.88%	#		02/12/2049		10,731,856
	16,360,000	Series 2007-LD12-AM		6.21%	#		02/15/2051		16,814,392
	2,500,000	Series 2014-INN-C		2.22%	#^		06/15/2029		2,461,959
	2,500,000	Series 2014-INN-D		2.87%	#^		06/15/2029		2,451,360
	9,000,000	Series 2014-PHH-D		2.92%	#^		08/15/2027		8,947,803
	10,500,000	Series 2015-CSMO-C		2.77%	#^		01/15/2032		10,485,330
	7,189,358	Series 2015-JP1-A1		1.95%			01/15/2049		7,271,558
		JP Morgan Chase Commercial Mortgage Securities Trust,
	9,341,000	Series 2007-LD11-AM		5.94%	#		06/15/2049		9,408,519
	8,490,041	Series 2008-C2-A4		6.07%			02/12/2051		8,712,350
	9,412,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		9,293,660
		LB Commercial Mortgage Trust,
	10,730,000	Series 2007-C3-AM		6.11%	#		07/15/2044		10,968,521
		LB-UBS Commercial Mortgage Trust,
	2,892,817	Series 2006-C7-AM		5.38%			11/15/2038		2,893,692
	10,584,723	Series 2007-C1-AJ		5.48%			02/15/2040		10,611,227
	7,482,000	Series 2007-C1-AM		5.46%			02/15/2040		7,540,696

64 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LB-UBS Commercial Mortgage Trust, (Cont.)
	7,650,000	Series 2007-C2-AM		5.49%	#		02/15/2040		7,773,617
	9,151,543	Series 2007-C7-A3		5.87%	#		09/15/2045		9,482,078
	8,338,600	Series 2007-C7-AJ		6.45%	#		09/15/2045		8,397,265
		LMREC, Inc.,
	8,385,000	Series 2015-CRE1-A		2.29%	#^		02/22/2032		8,366,327
		Merrill Lynch Mortgage Trust,
	9,341,000	Series 2007-C1-AM		6.01%	#		06/12/2050		9,042,705
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	141,459	Series 2006-2-AJ		5.95%	#		06/12/2046		141,422
		ML-CFC Commercial Mortgage Trust,
	8,264,930	Series 2007-7-A4		5.81%	#		06/12/2050		8,404,274
	8,482,814	Series 2007-9-A4		5.70%			09/12/2049		8,743,901
		Morgan Stanley Bank of America Merrill Lynch Trust,
	3,544,942	Series 2012-C5-XA		1.88%	#^ I/O		08/15/2045		205,628
		Morgan Stanley Capital, Inc.,
	5,345,576	Series 2006-HQ10-X1		0.70%	#^ I/O		11/12/2041		437
	9,252,567	Series 2006-XLF-J		0.95%	#^		07/15/2019		9,114,343
	9,000,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		8,884,345
	12,601,000	Series 2007-IQ13-AM		5.41%			03/15/2044		12,701,712
	10,780,000	Series 2007-IQ14-A4		5.69%	#		04/15/2049		10,898,791
	10,055,000	Series 2007-IQ16-AM		6.25%	#		12/12/2049		10,422,609
		Morgan Stanley Re-Remic Trust,
	1,715,000	Series 2009-GG10-A4B		5.99%	#^		08/12/2045		1,736,229
	447,111	Series 2012-IO-AXA		1.00%	^		03/27/2051		442,505
		Velocity Commercial Capital Loan Trust,
	14,116,474	Series 2015-1-AFL		2.96%	#^		06/25/2045		14,227,125
	9,082,251	Series 2016-1-AFX		3.53%	#^		04/25/2046		9,022,047
		Wachovia Bank Commercial Mortgage Trust,
	815,467	Series 2006-C24-AJ		5.66%	#		03/15/2045		814,457
	9,545,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		9,517,502
	9,753,000	Series 2006-C29-AM		5.34%			11/15/2048		9,783,202
	9,160,000	Series 2007-C30-AM		5.38%			12/15/2043		9,242,858
	6,770,000	Series 2007-C31-AM		5.59%	#		04/15/2047		6,861,723
	6,850,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		6,963,616
	4,120,000	Series 2007-C33-AJ		6.16%	#		02/15/2051		4,130,576
	10,065,000	Series 2007-C33-AM		6.16%	#		02/15/2051		10,275,145
		WF-RBS Commercial Mortgage Trust,
	15,316,587	Series 2012-C8-XA		2.26%	#^I/O		08/15/2045		1,187,068
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $627,452,572)							612,036,082
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 10.7%
		Ajax Mortgage Loan Trust,
	21,814,137	Series 2015-B-A		3.88%	#^		07/25/2060		21,568,191
		Banc of America Funding Corporation,
	672,736	Series 2005-E-6A1		2.98%	#		05/20/2035		670,209
	12,523	Series 2012-R5-A		0.78%	#^		10/03/2039		12,523
		Banc of America Mortgage Securities, Inc.,
	2,945,103	Series 2005-E-2A1		3.26%	#		06/25/2035		2,848,932
		Bayview Opportunity Master Fund Trust,
	17,755,442	Series 2016-A-A		4.46%	#^		01/28/2036		17,769,487
	21,250,000	Series 2016-RN2-A1		3.60%	#^		08/28/2031		21,269,641
	17,756,255	Series 2016-RPL2-A1		3.84%	#^		06/28/2031		17,784,051
	9,923,641	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		9,950,571
		BCAP LLC Trust,
	6,898	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		6,927
	444,536	Series 2011-RR12-2A5		2.60%	#^		12/26/2036		441,467
	3,077,710	Series 2011-RR1-8A3		6.00%	#^		08/28/2021		3,006,045
	3,416,941	Series 2013-RR1-4A2		4.00%	#^		08/26/2037		3,383,719
		Bear Stearns Adjustable Rate Mortgage Trust,
	4,569,483	Series 2003-9-4A1		2.92%	#		02/25/2034		4,562,251
		Bear Stearns Asset Backed Securities Trust,
	904,152	Series 2004-AC2-2A		5.00%			05/25/2034		900,527

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CAM Mortgage LLC,
	7,206,171	Series 2015-1-A		3.50%	#^		07/15/2064		7,224,028
		Citicorp Residential Mortgage Securities, Inc.,
	3,704,901	Series 2007-1-A4		5.75%	#		03/25/2037		3,879,194
	17,009,666	Series 2007-2-A4		5.43%	#		06/25/2037		17,615,524
		Citigroup Mortgage Loan Trust, Inc.,
	2,947,619	Series 2006-AR1-2A1		2.73%	#		03/25/2036		2,844,390
	2,051,835	Series 2007-WFHE2-A3		0.71%	#		03/25/2037		2,033,808
	73,032	Series 2010-12-3A1		4.00%	^		04/25/2037		73,086
	156,684	Series 2010-8-5A6		4.00%	^		11/25/2036		156,690
	98,630	Series 2011-12-3A1		3.03%	#^		09/25/2047		98,417
		Countrywide Alternative Loan Trust,
	159,569	Series 2004-28CB-1A1		5.50%			01/25/2035		159,723
		Countrywide Asset-Backed Certificates,
	247,711	Series 2005-15-1AF6		4.25%	#		04/25/2036		252,646
		Countrywide Home Loans,
	9,867,194	Series 2004-HYB9-1A1		2.85%	#		02/20/2035		9,895,430
		Credit Suisse First Boston Mortgage Securities Corporation,
	140,452	Series 2005-11-5A1		5.25%			12/25/2020		139,768
		Credit Suisse Mortgage Capital Certificates,
	12,000,000	Series 2011-5R-6A9		3.06%	#^		11/27/2037		10,936,314
	4,884,217	Series 2013-3R-1A1		1.65%	#^		04/27/2035		4,565,571
	27,357,174	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		27,017,420
		Fieldstone Mortgage Investment Trust,
	599,935	Series 2004-5-M2		2.25%	#		02/25/2035		598,071
		First Franklin Mortgage Loan Trust,
	370,394	Series 2006-FF1-2A3		0.77%	#		01/25/2036		368,555
		First Horizon Asset Securities, Inc.,
	11,178,153	Series 2007-AR2-1A1		2.97%	#		08/25/2037		8,972,491
		GSR Mortgage Loan Trust,
	4,993,381	Series 2005-AR7-3A1		3.23%	#		11/25/2035		4,737,943
	618,358	Series 2006-4F-2A7		5.50%			05/25/2036		605,930
		Impac Secured Assets Trust,
	18,048,769	Series 2006-5-1A1C		0.80%	#		02/25/2037		13,316,829
		JP Morgan Alternative Loan Trust,
	761,764	Series 2006-S4-A6		5.71%	#		12/25/2036		738,375
		JP Morgan Mortgage Acquisition Corporation,
	451,218	Series 2007-CH5-A3		0.64%	#		05/25/2037		450,546
		JP Morgan Mortgage Trust,
	118,084	Series 2007-S1-1A1		5.00%			03/25/2022		117,179
	96,471	Series 2007-S3-2A2		5.50%			08/25/2022		95,146
		JP Morgan Resecuritization Trust,
	30,453	Series 2011-2-2A3		3.24%	#^		07/26/2036		30,427
	393,206	Series 2012-2-3A3		2.57%	#^		10/26/2036		390,473
		Lehman XS Trust,
	158	Series 2007-4N-1A1		0.66%	#		03/25/2047		159
		MASTR Adjustable Rate Mortgages Trust,
	8,914,100	Series 2006-2-2A1		3.03%	#		04/25/2036		8,258,549
	817,987	Series 2007-2-A2		0.64%	#		03/25/2047		811,646
		Merrill Lynch Mortgage Investors Trust,
	6,652,078	Series 2005-3-2A		2.70%	#		11/25/2035		6,530,673
		Morgan Stanley Capital, Inc.,
	717,499	Series 2005-WMC3-M3		1.23%	#		03/25/2035		714,918
		Morgan Stanley Mortgage Loan Trust,
	49,950	Series 2004-1-1A1		5.00%			11/25/2018		51,286
		Morgan Stanley Re-Remic Trust,
	4,385,087	Series 2012-R3-2A		0.75%	#^		02/26/2037		4,139,402
		Nationstar HECM Loan Trust,
	18,352,925	Series 2016-2-A		2.24%	^		06/25/2026		18,399,230
		NRTL Trust,
	6,933,988	Series 2016-LH1-A		4.50%	#^		04/25/2019		6,941,877
		Opteum Mortgage Acceptance Corporation,
	511,803	Series 2005-5-2AN		5.68%	#		12/25/2035		516,832

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 65

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Pacific Bay Ltd.,
	7,321,015	Series 2003-1A-A2		1.68%	#^		11/04/2038		7,127,008
		Residential Asset Mortgage Products, Inc.,
	4,592,171	Series 2005-EFC7-AI3		0.78%	#		12/25/2035		4,426,022
		Residential Asset Securities Corporation,
	1,712,332	Series 2006-KS6-A3		0.68%	#		08/25/2036		1,687,223
		Residential Funding Mortgage Securities Trust,
	59,838	Series 2003-S16-A1		4.75%			09/25/2018		60,082
		Springleaf Mortgage Loan Trust,
	4,392,295	Series 2014-3A-A		1.87%	#^		09/25/2057		4,403,317
		Structured Adjustable Rate Mortgage Loan Trust,
	1,318,562	Series 2007-1-2A2		4.05%	#		02/25/2037		1,279,514
		Structured Asset Securities Corporation,
	412,683	Series 2003-24A-1A3		2.86%	#		07/25/2033		405,543
	128,181	Series 2004-15-2A1		4.75%			09/25/2019		129,315
	300,024	Series 2005-10-6A1		5.00%			06/25/2020		305,199
	3,415,191	Series 2006-OW1-FLT		0.73%	#^		12/25/2035		3,338,593
		Towd Point Mortgage Trust,
	23,896,229	Series 2015-2-1A13		2.50%	#^		11/25/2060		24,058,790
		VOLT LLC,
	15,940,853	Series 2014-NPL6-A1		3.13%	#^		09/25/2043		15,935,101
		Washington Mutual Mortgage Pass-Through Certificates,
	1,227,692	Series 2002-AR16-A		2.55%	#		12/25/2032		1,197,562
		Wedgewood Real Estate Trust,
	5,320,212	Series 2016-1-A1		3.45%	#^		07/15/2046		5,326,317
		Wells Fargo Alternative Loan Trust,
	120,090	Series 2007-PA5-2A1		6.00%			11/25/2022		121,300
		Wells Fargo Mortgage Backed Securities Trust,
	4,495,780	Series 2006-AR6-5A1		2.97%	#		03/25/2036		4,475,416
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $344,345,067)							342,129,389
	US CORPORATE BONDS 8.9%
	5,045,000	AbbVie, Inc.		1.80%			05/14/2018		5,068,192
	3,570,000	Aetna, Inc.		1.90%			06/07/2019		3,602,408
	5,090,000	Amazon.com, Inc.		2.60%			12/05/2019		5,288,021
	5,100,000	American Express Credit Corporation		1.80%			07/31/2018		5,130,891
	270,000	American Express Credit Corporation		2.25%			08/15/2019		275,606
	4,785,000	American Honda Finance Corporation		1.70%			02/22/2019		4,827,161
	2,229,000	American Honda Finance Corporation		1.20%			07/12/2019		2,216,685
	5,385,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		5,441,451
	2,055,000	Apple, Inc.		1.70%			02/22/2019		2,078,904
	5,272,000	AT&T, Inc.		2.30%			03/11/2019		5,363,322
	6,815,000	Bank of America Corporation		2.00%			01/11/2018		6,848,332
	5,245,000	BB&T Corporation		2.25%			02/01/2019		5,346,417
	4,875,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		4,921,259
	2,035,000	Berkshire Hathaway Finance Corporation		1.30%			08/15/2019		2,039,139
	4,545,000	Boston Properties LP		5.88%			10/15/2019		5,049,445
	6,110,000	Cardinal Health, Inc.		1.95%			06/15/2018		6,170,104
	5,290,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		5,329,241
	5,110,000	Celgene Corporation		2.13%			08/15/2018		5,166,757
	345,000	Chevron Corporation		1.37%			03/02/2018		345,670
	1,714,000	Chevron Corporation		1.79%			11/16/2018		1,732,211
	1,440,000	Chevron Corporation		1.56%			05/16/2019		1,448,299
	5,181,000	Cisco Systems, Inc.		1.40%			09/20/2019		5,188,544

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,800,000	Citigroup, Inc.		2.05%			12/07/2018		6,854,822
	2,851,000	Comcast Corporation		6.50%			01/15/2017		2,894,526
	1,930,000	Comcast Corporation		5.88%			02/15/2018		2,050,046
	5,086,000	CVS Health Corporation		1.90%			07/20/2018		5,137,282
	5,255,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		5,336,678
	5,135,000	Duke Energy Corporation		1.63%			08/15/2017		5,151,319
	5,345,000	Express Scripts Holding Company		2.25%			06/15/2019		5,424,576
	5,185,000	General Mills, Inc.		2.20%			10/21/2019		5,294,673
	5,295,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		5,418,930
	6,720,000	Hewlett-Packard Company		2.85%	^		10/05/2018		6,849,945
	4,885,000	John Deere Capital Corporation		1.60%			07/13/2018		4,914,300
	365,000	John Deere Capital Corporation		1.95%			01/08/2019		371,115
	5,315,000	JP Morgan Chase & Company		2.25%			01/23/2020		5,385,535
	4,748,000	Kinder Morgan Energy Partners LP		6.00%			02/01/2017		4,816,993
	6,130,000	Kraft Heinz Foods Company		2.00%			07/02/2018		6,193,200
	3,788,000	Kroger Company		6.15%			01/15/2020		4,308,505
	4,890,000	Laboratory Corporation		2.50%			11/01/2018		4,974,372
	5,263,000	McKesson Corporation		1.29%			03/10/2017		5,267,726
	644,000	Medtronic, Inc.		1.50%			03/15/2018		647,021
	2,205,000	Microsoft Corporation		1.10%			08/08/2019		2,198,722
	2,530,000	Molson Coors Brewing Company		1.45%			07/15/2019		2,524,194
	3,342,000	Mondelez International, Inc.		2.25%			02/01/2019		3,401,939
	6,730,000	Morgan Stanley		2.45%			02/01/2019		6,855,811
	5,110,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		5,118,559
	135,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		136,630
	2,585,000	Mylan, Inc.		2.55%			03/28/2019		2,619,210
	5,490,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		5,628,864
	5,290,000	Newell Brands, Inc.		2.60%			03/29/2019		5,413,564
	3,995,000	Oracle Corporation		2.38%			01/15/2019		4,097,404
	1,100,000	Oracle Corporation		2.25%			10/08/2019		1,127,596
	4,100,000	PepsiCo Inc.		2.15%			10/14/2020		4,210,261
	4,630,000	Philip Morris International, Inc.		5.65%			05/16/2018		4,952,442
	2,900,000	PNC Funding Corporation		4.38%			08/11/2020		3,173,145
	3,190,000	Reynolds American Inc.		3.25%		��	06/12/2020		3,359,214
	3,490,000	Shell International Finance B.V.		1.38%			05/10/2019		3,481,463
	4,759,000	Simon Property Group LP		2.15%			09/15/2017		4,791,180
	115,000	Simon Property Group LP		5.65%			02/01/2020		128,775
	4,840,000	Southern Company		2.45%			09/01/2018		4,935,784
	250,000	Southern Company		1.85%			07/01/2019		252,116
	2,970,000	Synchrony Financial		3.00%			08/15/2019		3,042,489
	3,233,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		3,270,732
	415,000	Toyota Motor Credit Corporation		1.55%			07/13/2018		417,340
	3,090,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		3,114,995
	5,200,000	United Technologies Corporation		1.78%	#		05/04/2018		5,230,207
	6,357,000	Verizon Communications Inc		2.63%			02/21/2020		6,543,228
	4,000,000	WellPoint, Inc.		1.88%			01/15/2018		4,020,408
	1,417,000	WellPoint, Inc.		2.30%			07/15/2018		1,436,122
	5,200,000	Wells Fargo & Company		1.50%			01/16/2018		5,205,871
	4,525,000	Xerox Corporation		2.95%			03/15/2017		4,552,254
	4,451,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		4,456,306
		Total US Corporate Bonds (Cost $284,120,930)							285,866,448

66 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 11.0%
	28,600,000	United States Treasury Notes		1.00%			09/15/2017		28,693,293
	53,500,000	United States Treasury Notes		0.88%			11/30/2017		53,615,988
	57,000,000	United States Treasury Notes		1.00%			12/31/2017		57,205,941
	57,200,000	United States Treasury Notes		0.75%			01/31/2018		57,227,914
	50,100,000	United States Treasury Notes		0.75%			02/28/2018		50,119,589
	57,100,000	United States Treasury Notes		1.00%			03/15/2018		57,335,309
	48,800,000	United States Treasury Notes		1.63%			06/30/2020		49,874,186
		Total US Government and Agency Obligations (Cost $353,619,376)							354,072,220
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 1.8%
		Federal Home Loan Mortgage Corporation,
	137,683	Pool G06871		6.00%			06/01/2038		158,098
	290,003	Pool G06954		6.00%			05/01/2040		332,235
	414,882	Pool N70081		5.50%			07/01/2038		473,500
	30,500,649	Series 2015-95-AP		3.00%			08/25/2042		31,463,030
	47,136	Series 3267-BA		5.80%			11/15/2036		50,248
	125,141	Series 3818-JA		4.50%			01/15/2040		128,446
	55,628	Series 3872-BA		4.00%			06/15/2041		58,592
	4,487,615	Series 4050-BC		2.00%			05/15/2041		4,515,393
		Federal Home Loan Mortgage Corporation Pass-Thru,
	135,053,176	Series K722-X1		1.31%	#I/O		03/25/2023		9,434,031
		Federal National Mortgage Association,
	203,573	Series 2011-64-DB		4.00%			07/25/2041		219,178
	1,873,457	Series 2012-133-PB		6.50%			04/25/2042		2,127,079
		Federal National Mortgage Association Pass-Thru,
	47,881	Pool 995112		5.50%			07/01/2036		54,476
	180,851	Pool AB3850		4.00%			11/01/2041		190,254
	148,923	Pool AD0189		5.50%			02/01/2039		169,410
	276,614	Pool AL1690		6.00%			05/01/2041		317,461
	208,596	Pool AL1691		6.00%			06/01/2041		239,499
	274,987	Pool AL1744		6.00%			10/01/2040		315,625
	5,673,803	Pool AL4292		4.50%			04/01/2026		6,103,904
		Total US Government / Agency Mortgage Backed Obligations (Cost $54,626,847)							56,350,459
	AFFILIATED MUTUAL FUNDS 1.6%
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)							49,550,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							49,550,000

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 2.9%
	31,441,914	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨			31,441,914
	31,441,914	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨			31,441,914
	31,441,914	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨			31,441,914
		Total Short Term Investments (Cost $94,325,742)						94,325,742
		Total Investments 99.0% (Cost $3,185,212,206)						3,176,741,617
		Other Assets in Excess of Liabilities 1.0%						32,226,949
		NET ASSETS 100.0%					$	3,208,968,566

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	19.6%
Non-Agency Commercial Mortgage Backed Obligations	19.1%
Foreign Corporate Bonds	16.5%
US Government and Agency Obligations	11.0%
Non-Agency Residential Collateralized Mortgage Obligations	10.7%
US Corporate Bonds	8.9%
Asset Backed Obligations	5.8%
Short Term Investments	2.9%
US Government / Agency Mortgage Backed Obligations	1.8%
Affiliated Mutual Funds	1.6%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.1%
Other Assets and Liabilities	1.0%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 67

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2016

INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	19.6%
Non-Agency Commercial Mortgage Backed Obligations	19.1%
US Government and Agency Obligations	11.0%
Non-Agency Residential Collateralized Mortgage Obligations	10.7%
Banking	9.0%
Asset Backed Obligations	5.8%
Oil & Gas	3.0%
Short Term Investments	2.9%
US Government / Agency Mortgage Backed Obligations	1.8%
Telecommunications	1.6%
Affiliated Mutual Funds	1.6%
Transportation	1.5%
Healthcare	1.1%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.1%
Utilities	1.0%
Beverage and Tobacco	0.8%
Finance	0.7%
Pharmaceuticals	0.7%
Automotive	0.7%
Consumer Products	0.6%
Technology	0.6%
Media	0.6%
Food Products	0.5%
Pulp & Paper	0.4%
Conglomerates	0.3%
Construction	0.3%
Food/Drug Retailers	0.3%
Electronics/Electric	0.3%
Real Estate	0.2%
Energy	0.2%
Building and Development (including Steel/Metals)	0.2%
Insurance	0.2%
Business Equipment and Services	0.2%
Aerospace & Defense	0.2%
Biotechnology	0.2%
Chemicals/Plastics	0.0%	~
Retail	0.0%	~
Other Assets and Liabilities	1.0%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	81.3%
Mexico	2.4%
Colombia	2.0%
Panama	1.3%
India	1.2%
Chile	1.2%
Peru	1.2%
Singapore	1.1%
Qatar	0.8%
Israel	0.8%
Costa Rica	0.7%
China	0.7%
Malaysia	0.6%
Brazil	0.5%
Canada	0.5%
United Kingdom	0.5%
Guatemala	0.4%
Hong Kong	0.4%
South Korea	0.3%
Poland	0.2%
France	0.2%
Australia	0.2%
Netherlands	0.2%
Luxembourg	0.1%
Ireland	0.1%
Hungary	0.1%
Paraguay	0.0%	~
Jamaica	0.0%	~
Dominican Republic	0.0%	~
Other Assets and Liabilities	1.0%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2016.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $1,241,585,722 or 38.7% of net assets.

† Perpetual Maturity

I/O Interest only security

¨ Seven-day yield as of September 30, 2016

¥ Illiquid security. At September 30, 2016, the value of these securities amounted to $4,975,245 or 0.2% of net assets.

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2016 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at September 30, 2016		Value at September 30, 2016		Dividend Income Earned in the Period Ended September 30, 2016		Net Realized Gain (Loss) in the Period Ended September  30, 2016
DoubleLine Low Duration Emerging Markets Fixed Income Fund	$	47,950,000	$	—	$	—		5,000,000	$	49,550,000	$	751,305	$	—
DoubleLine Global Bond Fund		—		28,800,000		28,964,259		—		—		44,978		164,259
	$	47,950,000	$	28,800,000	$	28,964,259		5,000,000	$	49,550,000	$	796,283	$	164,259

68 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Floating Rate Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 97.3%
	AEROSPACE & DEFENSE 1.6%
		B/E Aerospace, Inc.,
	2,862,727	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.76%	#		12/16/2021		2,899,857
		TransDigm, Inc.
	758,363	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranch F		3.75%	#		06/09/2023		759,606
		TransDigm, Inc.,
	842,625	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.75%	#		06/09/2023		844,007
									4,503,470
	AUTOMOTIVE 1.6%
		Dealer Tire LLC,
	2,879,338	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		12/22/2021		2,908,132
		Federal-Mogul Holdings Corporation,
	1,647,068	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		1,596,182
									4,504,314
	BEVERAGE AND TOBACCO 1.9%
		AdvancePierre Foods, Inc.,
	2,423,319	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/02/2023		2,446,644
		NBTY, Inc.,
	2,995,493	Senior Secured 1 Lien Term Loan, Tranche B		5.00%	#		05/05/2023		3,013,660
									5,460,304
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 4.1%
		Beacon Roofing Supply, Inc.,
	2,931,288	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/03/2022		2,941,548
		Capital Automotive LP,
	2,642,842	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		2,666,389
		Jeld-Wen, Inc.,
	3,128,400	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2022		3,152,520
		Summit Materials LLC,
	3,145,435	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/18/2022		3,162,342
									11,922,799
	BUSINESS EQUIPMENT AND SERVICES 4.8%
		AlixPartners LLP,
	3,098,700	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/28/2022		3,108,383
		Camelot Finance LP,
	1,595,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/15/2023		1,599,386

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Global Payments, Inc.,
	1,807,470	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.02%	#		04/21/2023		1,828,708
		Kar Auction Services, Inc.,
	2,859,111	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.38%	#		03/09/2023		2,901,112
		Mitchell International, Inc.,
	1,544,603	Guaranteed Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		1,514,197
		USAGM HoldCo LLC,
	2,946,929	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		2,939,562
									13,891,348
	CHEMICALS/PLASTICS 5.7%
		Avantor Performance Materials Holdings, Inc.,
	2,992,500	Guaranteed Senior Secured 1st Lien, Term Loan, Tranche B		6.00%	#		06/21/2022		3,003,722
		Huntsman International LLC,
	2,960,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		04/03/2023		2,984,649
		PolyOne Corporation,
	3,086,694	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/11/2022		3,121,420
		PQ Corporation,
	3,030,405	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		11/04/2022		3,058,194
		Solenis International LP,
	1,222,555	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		1,222,653
		Univar, Inc.,
	2,919,415	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/01/2022		2,927,633
									16,318,271
	CONSUMER PRODUCTS 1.0%
		Revlon Consumer Products Corporation,
	2,910,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		09/07/2023		2,919,414
	CONTAINERS AND GLASS PRODUCTS 4.2%
		Ardagh Packaging Finance,
	2,900,179	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		2,917,391
		Berry Plastics Corporation,
	2,775,726	Guaranteed Senior Secured 1st Lien Term Loan, Tranche H		3.75%	#		10/03/2022		2,788,258
		Kloeckner Pentaplast of America, Inc.,
	2,089,361	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		2,114,172
		KP Germany Erste GmbH,
	892,889	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		903,492
		Reynolds Group Holdings, Inc.,
	3,446,970	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		02/06/2023		3,462,585
									12,185,898

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 69

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COSMETICS/TOILETRIES 2.1%
		Galleria Company,
	3,030,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/26/2023		3,048,438
		KIK Custom Products, Inc.,
	3,088,800	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		08/26/2022		3,096,522
									6,144,960
	ELECTRONICS/ELECTRIC 2.7%
		Ensemble S Merger Sub, Inc.,
	3,071,715	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/30/2022		3,077,474
		Microsemi Corporation,
	1,757,467	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/17/2023		1,776,826
		ON Semiconductor Corporation,
	2,998,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/31/2023		3,015,943
									7,870,243
	FINANCIAL INTERMEDIARIES 2.6%
		First Data Corporation,
	2,664,994	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.53%	#		03/24/2021		2,687,753
		GTCR Valor Companies, Inc.,
	1,995,000	Senior Secured 1st Lien Term Loan, Tranche B		7.00%	#		06/16/2023		1,908,347
		Guggenheim Partners Investment Management Holdings LLC,
	3,021,193	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		07/22/2020		3,043,474
									7,639,574
	FOOD PRODUCTS 5.6%
		B&G Foods, Inc.,
	2,949,799	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.84%	#		11/02/2022		2,973,766
		CSM Bakery Supplies LLC,
	3,182,757	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		3,047,489
		Ferrara Candy Company,
	2,897,738	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		06/15/2023		2,922,484
		Hostess Brands LLC,
	2,909,515	Senior Secured 1st Lien Term Loan		4.50%	#		08/03/2022		2,934,072
		Keurig Green Mountain, Inc.,
	1,481,288	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/03/2023		1,502,892
		YUM! BRANDS,
	2,908,710	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.28%	#		06/16/2023		2,936,895
									16,317,598

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOOD/DRUG RETAILERS 3.1%
		Albertson’s Holdings LLC,
	2,884,077	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.50%	#		08/25/2021		2,909,804
		Burger King Corporation,
	2,892,242	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		12/10/2021		2,916,638
		Pinnacle Food Finance LLC,
	3,030,856	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.28%	#		01/13/2023		3,060,028
									8,886,470
	HEALTH CARE PROVIDERS & SERVICES 0.7%
		Press Ganey Holdings, Inc.,
	1,990,000	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		12/31/2023		1,980,050
	HEALTHCARE 8.9%
		Acadia Healthcare Company, Inc.,
	2,925,819	Guaranteed Senior Secured 1st Lient Term Loan, Tranche B2		3.75%	#		02/16/2023		2,950,513
		American Renal Holdings, Inc.,
	2,806,527	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		2,810,049
		CHG Healthcare, Inc.,
	2,871,321	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/07/2023		2,902,273
		Envision Healthcare Corporation,
	2,922,189	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/28/2022		2,939,416
		MPH Acquisition Holdings LLC,
	2,778,467	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		06/07/2023		2,817,101
		Pharmaceutical Product Development LLC,
	2,890,462	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2022		2,904,409
		Surgery Center Holdings, Inc.,
	3,078,955	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		3,084,728
		US Renal Care, Inc.,
	2,739,300	Senior Secured 1st Lien Term Loan		5.25%	#		12/30/2022		2,636,576
		Vizient, Inc.,
	2,639,559	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#		02/13/2023		2,672,566
									25,717,631
	HOTELS/MOTELS/INNS AND CASINOS 5.3%
		Boyd Gaming Corporation,
	2,025,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.52%	#		09/15/2023		2,043,225
		Eldorado Resorts, Inc.,
	3,115,723	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		3,131,302
		Four Seasons Holdings, Inc.,
	2,911,381	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/27/2020		2,932,008

70 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		MGM Growth Properties,
	2,993,955	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/25/2023		3,024,838
		Mohegan Tribal Gaming Authority,
	1,130,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		09/30/2023		1,118,700
		Scientific Games International, Inc.,
	2,915,749	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		6.00%	#		10/01/2021		2,925,065
									15,175,138
	INDUSTRIAL EQUIPMENT 2.8%
		Aspen Merger Sub, Inc.,
	1,700,000	Senior Secured 1st Lien Term Loan		5.25%	#		09/26/2023		1,714,875
		Cortes NP Acquisition Corporation,
	2,330,000	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		12/31/2023		2,260,100
		Filtration Group, Inc.,
	3,020,399	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/20/2020		3,038,144
		Manitowoc Foodservice, Inc.,
	985,974	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		03/03/2023		1,000,556
									8,013,675
	INSURANCE 2.0%
		Asurion LLC,
	1,562,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/04/2022		1,572,153
		Asurion LLC,
	1,186,019	Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		05/24/2019		1,191,706
		York Risk Services Group, Inc.,
	3,236,970	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		2,982,058
									5,745,917
	LEISURE 5.1%
		Emerald Expositions Holdings, Inc.,
	2,857,834	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		2,870,795
		Life Time Fitness, Inc.,
	2,912,576	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/10/2022		2,919,595
		Live Nation Entertainment, Inc.,
	3,021,069	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.59%	#		08/14/2020		3,037,594
		Match Group, Inc.,
	2,882,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		11/16/2022		2,903,225
		Nord Anglia Education Finance LLC,
	3,116,124	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		03/31/2021		3,127,825
									14,859,034

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MEDIA 8.0%
		Cengage Learning, Inc.,
	1,967,070	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		1,968,831
		Charter Communications Operating LLC,
	2,859,914	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.50%	#		01/24/2023		2,881,950
		CSC Holdings LLC,
	3,062,325	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		10/11/2022		3,075,401
		McGraw Hill Financial, Inc.,
	2,132,655	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/04/2022		2,149,716
		Nexstar Broadcasting, Inc.,
	1,145,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		09/26/2023		1,151,916
		Tribune Media Company,
	2,912,551	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/24/2020		2,940,307
		UFC Holdings LLC,
	2,900,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/18/2023		2,929,914
		Univision Communications Inc,
	3,076,974	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		3,085,959
		Virgin Media Investment Holdings Ltd.,
	2,930,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.65%	#		06/30/2023		2,946,979
									23,130,973
	OIL & GAS 1.0%
		Energy Transfer Equity LP,
	2,989,000	Senior Secured 1st LienTerm Loan		3.29%	#		12/02/2019		2,973,741
	PHARMACEUTICALS 1.0%
		Endo Luxembourg Finance I Company S.A.R.L.,
	2,911,691	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		09/26/2022		2,908,852
	RETAILERS (OTHER THAN FOOD/DRUG) 8.3%
		Dollar Tree, Inc.,
	945,857	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		3.06%	#		07/06/2022		953,987
		Harbor Freight Tools USA, Inc.,
	2,905,000	Senior Secured 1st Lien Term Loan		4.00%	#		08/18/2023		2,924,972
		Jo-Ann Stores LLC,
	1,980,000	Senior Secured 1st Lien Term Loan		6.00%	#		09/29/2023		1,950,300
		Leslie’s Poolmart, Inc.,
	2,905,000	Senior Secured 1st Lien Term Loan, Tranch B		5.25%	#		08/16/2023		2,928,603
		Michaels Stores, Inc.,
	2,998,100	Guaranteed Senior Secured 1st Lien Term Loan, Tranch B1		3.75%	#		01/27/2023		3,014,035

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 71

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		National Vision, Inc.,
	3,179,241	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		3,151,422
		Party City Holdings, Inc.,
	3,098,527	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/19/2022		3,113,741
		Serta Simmons Holdings LLC,
	2,979,179	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		2,995,013
		Tumi Holdings, Inc.,
	3,036,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		05/12/2023		3,070,155
									24,102,228
	TECHNOLOGY 5.9%
		Avago Technologies Ltd.,
	1,956,255	Guaranteed Senior Secured 1st Lien Term Loan, B3		3.52%	#		02/01/2023		1,981,657
		Dell International LLC,
	2,915,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/07/2023		2,935,696
		JDA Software Group, Inc.,
	920,000	Senior Secured 1st Lien Term Loan		4.50%	#		09/22/2023		922,300
		NXP BV,
	2,890,598	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.41%	#		12/07/2020		2,907,046
		Seahawk Holding Ltd.,
	2,300,000	Senior Secured 1st Lien Term Loan		7.00%	#		09/27/2022		2,285,050
		Solarwinds Holdings, Inc.,
	3,057,338	Guaranteed Senior Secured 1st Lien, Tranche B		5.50%	#		02/03/2023		3,090,968
		Vertafore Holdings Corporation
	2,893,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2023		2,908,593
									17,031,310
	TELECOMMUNICATIONS 2.6%
		Level 3 Financing, Inc.,
	2,890,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche BII		3.50%	#		05/31/2022		2,910,129
		T-Mobile USA, Inc.,
	3,027,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/09/2022		3,056,140
		Yankee Cable Acquisition LLC,
	1,448,379	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/28/2020		1,451,702
									7,417,971
	TRANSPORTATION 3.7%
		Air Canada,
	1,590,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		09/21/2023		1,595,565

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Americold Realty Trust, Inc.,
	2,894,745	Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		12/01/2022		2,929,135
		Hertz Corporation,
	2,882,775	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		06/30/2023		2,912,208
		PODS LLC,
	3,108,939	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		02/02/2022		3,129,660
									10,566,568
	UTILITIES 1.0%
		EFS Cogen Holdings I LLC,
	2,788,306	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/28/2023		2,821,766
		Total Bank Loans (Cost $278,954,253)							281,009,517
	US CORPORATE BONDS 0.7%
	FOOD/DRUG RETAILERS 0.3%
	1,010,000	Albertson’s Holdings LLC		5.75%	^		03/15/2025		1,010,000
	MEDIA 0.4%
	1,000,000	CSC Holdings LLC		5.50%	^		04/15/2027		1,025,000
		Total Corporate Bonds (Cost $2,010,000)							2,035,000
	SHORT TERM INVESTMENTS 5.7%
	5,453,883	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				5,453,883
	5,453,883	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				5,453,883
	5,453,883	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				5,453,883
		Total Short Term Investments (Cost $16,361,649)							16,361,649
		Total Investments 103.7% (Cost $297,325,902)							299,406,166
		Liabilities in Excess of Other Assets (3.7)%							(10,610,683	)
		NET ASSETS 100.0%						$	288,795,484

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	97.3%
Short Term Investments	5.7%
US Corporate Bonds	0.7%
Other Assets and Liabilities	(3.7)%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2016.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $2,035,000 or 0.7% of net assets.

¨ Seven-day yield as of September 30, 2016

72 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^® (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 3.2%
		AVANT Loans Funding Trust,
	323,618	Series 2016-B-A		3.92%	^		08/15/2019		325,681
		Blue Elephant Loan Trust,
	181,342	Series 2015-1-A		3.12%	^		12/15/2022		181,761
		Citi Held For Asset Issuance,
	1,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		996,616
		Colony American Finance Ltd.,
	994,439	Series 2016-1-A		2.54%	^		06/15/2048		995,710
		Conn’s Receivables Funding LLC,
	2,138,664	Series 2015-1-A		4.57%	^		09/15/2020		2,144,176
		Consumer Credit Origination Loan Trust,
	400,089	Series 2015-1-A		2.82%	^		03/15/2021		400,732
		Consumer Installment Loan Trust,
	480,840	Series 2016-LD1-A		3.96%	^		07/15/2022		482,301
		Flagship Credit Auto Trust,
	2,500,000	Series 2016-3-B		2.43%	^		06/15/2021		2,519,722
		Hero Funding Trust,
	5,542,840	Series 2016-1A-A		4.05%	^		09/20/2041		5,752,426
		MarketPlace Loan Trust,
	421,517	Series 2015-AV2-A		4.00%	^		10/15/2021		424,022
		OneMain Direct Auto Receivables Trust,
	4,000,000	Series 2016-1A-B		2.76%	^		05/15/2021		4,021,546
		OneMain Financial Issuance Trust,
	4,790,197	Series 2014-1A-A		2.43%	^		06/18/2024		4,794,919
		Oportun Funding LLC,
	3,000,000	Series 2016-B-A		3.69%	^		07/08/2021		2,995,860
		Progress Residential Trust,
	2,650,000	Series 2016-SFR1-C		3.03%	# ^		09/17/2033		2,691,816
		Sofi Consumer Loan Program LLC,
	2,807,313	Series 2016-1-NT		3.26%	^		08/25/2025		2,836,712
		SoFi Consumer Loan Program Trust,
	2,000,000	Series 2016-2-A		3.09%	^		10/27/2025		2,006,290
		SpringCastle America Funding LLC,
	3,182,959	Series 2014-AA-A		2.70%	^		05/25/2023		3,194,070
	5,000,000	Series 2016-AA-A		3.05%	^		04/25/2029		5,051,045
		Spruce Asset Backed Securities Trust,
	2,632,944	Series 2016-E1-A		4.32%	^		06/15/2028		2,641,333
		Westlake Automobile Receivables Trust,
	1,000,000	Series 2016-2-B		2.30%	^		11/15/2019		1,011,075
		Total Asset Backed Obligations (Cost $45,038,938)							45,467,813
	BANK LOANS 2.0%
		Acadia Healthcare Company, Inc.,
	258,825	Guaranteed Senior Secured 1st Lient Term Loan, Tranche B2		3.75%	#		02/16/2023		261,009
		AdvancePierre Foods, Inc.,
	278,946	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/02/2023		281,631
		Air Canada,
	180,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		09/21/2023		180,630
		Albertson’s Holdings LLC,
	316,083	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.50%	#		08/25/2021		318,902

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		AlixPartners LLP,
	307,572	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/28/2022		308,534
		American Renal Holdings, Inc.,
	247,756	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		248,067
		Americold Realty Trust, Inc.,
	256,358	Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		12/01/2022		259,403
		Ardagh Packaging Finance,
	256,008	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		257,528
		Aspen Merger Sub, Inc.,
	190,000	Senior Secured 1st Lien Term Loan		5.25%	#		09/26/2023		191,663
		Asurion LLC,
	175,301	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/04/2022		176,441
	222,003	Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		05/24/2019		223,067
		Avago Technologies Cayman Ltd,
	293,739	Guaranteed Senior Secured 1st Lien Term Loan, B3		3.52%	#		02/01/2023		297,553
		Avantor Performance Materials Holdings, Inc.,
	249,375	Guaranteed Senior Secured 1st Lien, Term Loan, Tranche B		6.00%	#		06/21/2022		250,310
		B&G Foods, Inc.,
	307,766	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.84%	#		11/02/2022		310,266
		B/E Aerospace, Inc.,
	284,091	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.76%	#		12/16/2021		287,776
		Beacon Roofing Supply, Inc.,
	252,702	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/03/2022		253,586
		Berry Plastics Corporation,
	311,301	Guaranteed Senior Secured 1st Lien Term Loan, Tranche H		3.75%	#		10/03/2022		312,706
		Boyd Gaming Corporation,
	315,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.52%	#		09/15/2023		317,835
		Burger King Corporation,
	284,941	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		12/10/2021		287,344
		Camelot Finance LP,
	180,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/15/2023		180,495
		Capital Automotive LP,
	321,435	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		324,299
		Cengage Learning, Inc.,
	163,590	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		163,736
		Charter Communications Operating LLC,
	288,650	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.50%	#		01/24/2023		290,874
		CHG Healthcare, Inc.,
	255,727	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/07/2023		258,484
		Cortes NP Acquisition Corporation,
	265,000	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		12/31/2023		257,050

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 73

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CSC Holdings LLC,
	284,413	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		10/11/2022		285,627
		CSM Bakery Supplies LLC,
	248,301	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		237,749
		Dealer Tire LLC,
	247,033	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		12/22/2021		249,503
		Dell International LLC,
	320,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/07/2023		322,272
		Dollar Tree, Inc.,
	95,350	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		3.06%	#		07/06/2022		96,170
		EFS Cogen Holdings I LLC,
	249,337	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/28/2023		252,329
		Eldorado Resorts, Inc.,
	317,108	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		318,693
		Emerald Expositions Holdings, Inc.,
	279,681	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		280,949
		Endo Luxembourg Finance I Company S.A.R.L.,
	322,949	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		09/26/2022		322,634
		Energy Transfer Equity LP,
	266,000	Senior Secured 1st LienTerm Loan		3.29%	#		12/02/2019		264,642
		Ensemble S Merger Sub, Inc.,
	285,587	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/30/2022		286,122
		Envision Healthcare Corporation,
	323,150	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/28/2022		325,055
		Federal-Mogul Holdings Corporation,
	89,136	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		86,382
		Ferrara Candy Company,
	319,200	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		06/15/2023		321,926
		Filtration Group, Inc.,
	287,723	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/20/2020		289,414
		First Data Corporation,
	320,374	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.53%	#		03/24/2021		323,110
		Four Seasons Holdings, Inc.,
	258,996	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/27/2020		260,831
		Galleria Company,
	285,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/26/2023		286,734
		Global Payments, Inc.,
	250,373	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.02%	#		04/21/2023		253,314
		GTCR Valor Companies, Inc.,
	124,688	Senior Secured 1st Lien Term Loan, Tranche B		7.00%	#		06/16/2023		119,272
		Guggenheim Partners Investment Management Holdings LLC,
	216,456	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		07/22/2020		218,052

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Harbor Freight Tools USA, Inc.,
	320,000	Senior Secured 1st Lien Term Loan		4.00%	#		08/18/2023		322,200
		HCA, Inc.,
	100,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B7		3.59%	#		02/15/2024		101,091
		Hertz Corporation,
	289,275	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		06/30/2023		292,229
		Hostess Brands LLC,
	287,175	Senior Secured 1st Lien Term Loan		4.50%	#		08/03/2022		289,599
		Huntsman International LLC,
	288,675	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		04/03/2023		291,066
		JDA Software Group, Inc.,
	100,000	Senior Secured 1st Lien Term Loan		4.50%	#		09/22/2023		100,250
		Jeld-Wen, Inc.,
	277,799	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2022		279,941
		Jo-Ann Stores LLC,
	225,000	Senior Secured 1st Lien Term Loan		6.00%	#		09/29/2023		221,625
		Kar Auction Services, Inc.,
	255,715	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.38%	#		03/09/2023		259,471
		Keurig Green Mountain, Inc.,
	129,675	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/03/2023		131,566
		KIK Custom Products, Inc.,
	282,623	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		08/26/2022		283,330
		Kloeckner Pentaplast of America, Inc.,
	262,900	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		266,022
		KP Germany Erste GmbH,
	112,350	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		113,685
		Leslie’s Poolmart, Inc.,
	320,000	Senior Secured 1st Lien Term Loan, Tranch B		5.25%	#		08/16/2023		322,600
		Level 3 Financing, Inc.,
	310,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche BII		3.50%	#		05/31/2022		312,159
		Life Time Fitness, Inc.,
	323,266	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/10/2022		324,045
		Live Nation Entertainment, Inc.,
	320,828	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.59%	#		08/14/2020		322,583
		Manitowoc Foodservice, Inc.,
	286,176	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		03/03/2023		290,408
		Match Group, Inc.,
	254,563	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		11/16/2022		256,393
		McGraw Hill Financial, Inc.,
	224,438	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/04/2022		226,233
		MGM Growth Properties,
	308,575	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/25/2023		311,758

74 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Michaels Stores, Inc.,
	286,186	Guaranteed Senior Secured 1st Lien Term Loan, Tranch B1		3.75%	#		01/27/2023		287,707
		Microsemi Corporation,
	249,852	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/17/2023		252,604
		Mitchell International, Inc.,
	85,000	Guaranteed Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		83,327
		Mohegan Tribal Gaming Authority,
	130,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		09/30/2023		128,700
		MPH Acquisition Holdings LLC,
	243,020	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		06/07/2023		246,399
		National Vision, Inc.,
	262,199	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		259,905
		NBTY, Inc.,
	319,225	Senior Secured 1 Lien Term Loan, Tranche B		5.00%	#		05/05/2023		321,161
		Nexstar Broadcasting, Inc.,
	125,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		09/26/2023		125,755
		Nord Anglia Education Finance LLC,
	307,630	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		03/31/2021		308,785
		NXP BV,
	258,403	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.41%	#		12/07/2020		259,873
		ON Semiconductor Corporation,
	245,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/31/2023		246,466
		Party City Holdings, Inc.,
	297,597	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/19/2022		299,058
		Pharmaceutical Product Development LLC,
	322,120	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2022		323,674
		Pinnacle Food Finance LLC,
	293,186	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.28%	#		01/13/2023		296,008
		PODS LLC,
	237,312	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		02/02/2022		238,894
		PolyOne Corporation,
	283,113	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/11/2022		286,298
		PQ Corporation,
	296,258	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		11/04/2022		298,974
		Press Ganey Holdings, Inc.,
	225,000	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		12/31/2023		223,875
		Revlon Consumer Products Corporation,
	320,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		09/07/2023		321,035
		Reynolds Group Holdings, Inc.,
	408,564	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		02/06/2023		410,415
		Scientific Games International, Inc.,
	324,727	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		6.00%	#		10/01/2021		325,764

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Seahawk Holding Ltd.,
	255,000	Senior Secured 1st Lien Term Loan		7.00%	#		09/27/2022		253,343
		Serta Simmons Holdings LLC,
	305,000	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		306,621
		Solarwinds Holdings, Inc.,
	288,278	Guaranteed Senior Secured 1st Lien, Tranche B		5.50%	#		02/03/2023		291,449
		Solenis International LP,
	98,391	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		98,399
		Summit Materials LLC,
	287,209	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/18/2022		288,752
		Surgery Center Holdings, Inc.,
	297,359	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		297,917
		T-Mobile USA, Inc.,
	308,012	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/09/2022		310,964
		TransDigm, Inc.
	63,315	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranch F		3.75%	#		06/09/2023		63,419
	70,350	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.75%	#		06/09/2023		70,465
		Tribune Media Company,
	323,166	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/24/2020		326,245
		Tumi Holdings, Inc.,
	247,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		05/12/2023		249,779
		UFC Holdings LLC,
	270,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/18/2023		272,785
		Univar, Inc.,
	322,584	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/01/2022		323,493
		Univision Communications Inc,
	289,538	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		290,383
		US Renal Care, Inc.,
	328,425	Senior Secured 1st Lien Term Loan		5.25%	#		12/30/2022		316,109
		USAGM HoldCo LLC,
	252,677	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		252,045
		Vertafore Holdings Corporation
	255,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2023		256,374
		Virgin Media Investment Holdings Ltd.,
	310,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.65%	#		06/30/2023		311,797
		Vizient, Inc.,
	259,766	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#		02/13/2023		263,015
		Yankee Cable Acquisition LLC,
	128,416	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/28/2020		128,711
		York Risk Services Group, Inc.,
	222,840	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		205,291

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 75

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		YUM! BRANDS,
	254,363	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.28%	#		06/16/2023		256,827
		Total Bank Loans (Cost $28,002,054)							28,197,083
	COLLATERALIZED LOAN OBLIGATIONS 16.2%
		Adams Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.16%	#^		07/15/2026		998,876
	250,000	Series 2014-1A-D1		4.18%	#^		07/15/2026		231,614
		ALM LLC,
	5,000,000	Series 2016-19A-A1		2.18%	#^		07/15/2028		5,011,730
	2,500,000	Series 2016-19A-A2		2.83%	#^		07/15/2028		2,504,118
		ALM Loan Funding,
	2,500,000	Series 2012-7A-A1		2.11%	#^		10/19/2024		2,500,018
	3,935,000	Series 2014-14A-A1		2.17%	#^		07/28/2026		3,940,903
		Anchorage Capital Ltd.,
	10,000,000	Series 2012-1A-A2R		2.97%	#^		01/13/2027		10,000,000
	650,000	Series 2014-3A-A2A		2.99%	#^		04/28/2026		650,595
		Apidos Ltd.,
	2,000,000	Series 2013-16A-A1		2.14%	#^		01/19/2025		2,004,810
	500,000	Series 2014-19A-D		4.43%	#^		10/17/2026		499,316
	1,000,000	Series 2015-20A-A1		2.23%	#^		01/16/2027		1,004,244
	500,000	Series 2015-20A-A2		3.03%	#^		01/16/2027		500,310
	5,000,000	Series 2016-24A-A2		2.70%	#^		07/20/2027		5,001,556
		ARES Ltd.,
	500,000	Series 2014-1A-A2		2.68%	#^		04/17/2026		500,579
	634,896	Series 2014-30A-A2		1.55%	#^		04/20/2023		635,695
		Avery Point Ltd.,
	250,000	Series 2013-2A-D		4.13%	#^		07/17/2025		231,509
	500,000	Series 2014-1A-C		3.81%	#^		04/25/2026		505,088
		Babson Ltd.,
	500,000	Series 2014-3A-C1		3.68%	#^		01/15/2026		501,254
	500,000	Series 2014-3A-D2		4.88%	#^		01/15/2026		502,575
	2,500,000	Series 2015-2A-D		4.50%	#^		07/20/2027		2,466,409
		Betony Ltd.,
	1,000,000	Series 2015-1A-C		3.83%	#^		04/15/2027		1,000,000
	1,000,000	Series 2015-1A-D		4.28%	#^		04/15/2027		936,851
		Birchwood Park Ltd.,
	500,000	Series 2014-1A-C2		3.83%	#^		07/15/2026		500,451
	500,000	Series 2014-1A-D2		4.88%	#^		07/15/2026		499,659
		BlueMountain Ltd.,
	750,000	Series 2012-1A-A		2.02%	#^		07/20/2023		751,071
	2,500,000	Series 2012-2A-A1		2.23%	#^		11/20/2024		2,503,750
	1,000,000	Series 2013-1A-A1		2.02%	#^		05/15/2025		997,396
	2,500,000	Series 2013-4A-A		2.18%	#^		04/15/2025		2,507,756
	1,000,000	Series 2014-4A-B1		3.23%	#^		11/30/2026		1,002,449
	4,000,000	Series 2015-3A-A1		2.18%	#^		10/20/2027		4,008,902
		Bridgeport Ltd.,
	3,550,000	Series 2006-1A-C		2.20%	#^		07/21/2020		3,540,758
		Canyon Capital Ltd.,
	1,000,000	Series 2012-1A-C		3.48%	#^		01/15/2024		1,003,011
	1,500,000	Series 2014-1A-B		3.41%	#^		04/30/2025		1,478,471
	5,800,000	Series 2016-2A-B		2.85%	#^		10/15/2028		5,790,381
		Carlyle Global Market Strategies Ltd.,
	2,500,000	Series 2012-4A-A		2.09%	#^		01/20/2025		2,502,436
	1,250,000	Series 2014-1A-C		3.68%	#^		04/17/2025		1,253,341
	500,000	Series 2014-3A-B		3.88%	#^		07/27/2026		501,286
	500,000	Series 2014-3A-C2		4.93%	#^		07/27/2026		501,317
	2,000,000	Series 2015-1A-A		2.23%	#^		04/20/2027		2,001,500
		Carlyle High Yield Partners Ltd.,
	215,525	Series 2006-8A-A2A		1.05%	#^		05/21/2021		215,162
	500,000	Series 2006-8A-B		1.19%	#^		05/21/2021		491,056
	1,400,000	Series 2006-9A-D		2.45%	#^		08/01/2021		1,388,294
	1,489,398	Series 2007-10-A1		0.91%	#^		04/19/2022		1,489,195
	1,100,238	Series 2007-10A-A2A		0.90%	#^		04/19/2022		1,100,113

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Catamaran Ltd.,
	250,000	Series 2014-1A-B		3.35%	#^		04/20/2026		244,724
	1,000,000	Series 2015-1A1-B		2.90%	#^		04/22/2027		1,002,419
	2,000,000	Series 2015-1A-A		2.25%	#^		04/22/2027		2,002,345
		Cent Ltd.,
	1,000,000	Series 2013-19A-A1A		2.08%	#^		10/29/2025		1,000,687
	1,000,000	Series 2014-21A-A1A		2.22%	#^		07/27/2026		1,000,486
	500,000	Series 2014-22A-B		3.99%	#^		11/07/2026		501,993
	250,000	Series 2014-22A-C		4.54%	#^		11/07/2026		242,727
		Cornerstone Ltd.,
	32,786	Series 2007-1A-A1S		0.90%	#^		07/15/2021		32,794
		Dryden Senior Loan Fund,
	1,000,000	Series 2014-31A-B		2.58%	#^		04/18/2026		1,002,181
		Eaton Vance Ltd.,
	1,422,672	Series 2006-8A-A		1.07%	#^		08/15/2022		1,410,682
	2,500,000	Series 2006-8A-B		1.47%	#^		08/15/2022		2,465,265
		Flatiron Ltd.,
	500,000	Series 2013-1A-B		3.43%	#^		01/17/2026		500,156
	250,000	Series 2014-1A-C		3.98%	#^		07/17/2026		228,125
		Four Corners Ltd.,
	367,321	Series 2006-2A-A		0.99%	#^		01/26/2020		367,292
		Galaxy Ltd.,
	7,800,000	Series 2014-18A-A		2.15%	#^		10/15/2026		7,806,674
	500,000	Series 2014-18A-D1		4.38%	#^		10/15/2026		468,592
		GoldenTree Loan Opportunities Ltd.,
	700,000	Series 2012-6A-D		4.88%	#^		04/17/2022		700,951
		Halcyon Loan Advisors Funding Ltd.,
	500,000	Series 2012-1X-A2		3.32%	#		08/15/2023		502,508
	500,000	Series 2013-2A-C		3.46%	#^		08/01/2025		491,890
	250,000	Series 2013-2A-D		4.56%	#^		08/01/2025		220,749
	500,000	Series 2014-2A-C		4.24%	#^		04/28/2025		437,012
		Highbridge Loan Management Ltd.,
	2,000,000	Series 2016-8A-X		1.70%	#^		04/20/2027		1,999,793
		Hildene Ltd.,
	3,000,000	Series 2015-4A-A1A		2.21%	#^		07/23/2027		2,994,993
		ING Ltd.,
	1,008,889	Series 2012-1RA-A1R		2.06%	#^		03/14/2022		1,010,181
	500,000	Series 2012-1RA-BR		3.61%	#^		03/14/2022		500,627
		Inwood Park Ltd.,
	1,000,000	Series 2006-1A-B		1.09%	#^		01/20/2021		990,296
		Jamestown Ltd.,
	5,000,000	Series 2013-3A-A1A		2.13%	#^		01/15/2026		5,000,447
	1,000,000	Series 2015-6A-A1A		2.41%	#^		02/20/2027		1,004,890
		LCM LP,
	500,000	Series 10AR-BR		2.38%	#^		04/15/2022		500,604
	500,000	Series 10AR-CR		3.53%	#^		04/15/2022		502,494
	500,000	Series 11A-B		2.84%	#^		04/19/2022		501,227
	250,000	Series 11A-D2		4.64%	#^		04/19/2022		250,129
	500,000	Series 14A-D		4.18%	#^		07/15/2025		490,296
	500,000	Series 15A-C		3.93%	#^		08/25/2024		500,630
	250,000	Series 16A-D		4.28%	#^		07/15/2026		242,644
	376,843	Series 9A-A		1.87%	#^		07/14/2022		377,284
	10,000,000	Series 14A-A		1.83%	#^		07/15/2025		9,982,066
		Limerock Ltd.,
	1,800,000	Series 2014-2A-A		2.18%	#^		04/18/2026		1,800,112
		Madison Park Funding Ltd.,
	2,400,000	Series 2012-10A-A1A		2.07%	#^		01/20/2025		2,401,719
	10,000,000	Series 2013-11A-A2		2.01%	#^		10/23/2025		9,974,297
	250,000	Series 2014-13A-D		4.04%	#^		01/19/2025		244,723
	250,000	Series 2014-14A-C1		3.80%	#^		07/20/2026		250,065
	1,000,000	Series 2014-14A-D		4.30%	#^		07/20/2026		992,181
	1,000,000	Series 2014-15A-C		4.43%	#^		01/27/2026		995,866
	1,000,000	Series 2015-16A-B		3.70%	#^		04/20/2026		1,003,810
		Magnetite Ltd.,
	1,000,000	Series 2014-11A-C		4.28%	#^		01/18/2027		994,825
		MAPS Fund Ltd.,
	1,000,000	Series 2007-2A-B		1.60%	#^		07/20/2022		968,981

76 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Nautique Funding Ltd.,
	500,000	Series 2006-1A-C		2.38%	#^		04/15/2020		493,356
		Navigare Funding Ltd.,
	3,000,000	Series 2007-2A-C		1.43%	#^		04/17/2021		2,960,039
		North End Ltd.,
	500,000	Series 2013-1A-C		3.43%	#^		07/17/2025		492,801
	250,000	Series 2013-1A-D		4.18%	#^		07/17/2025		233,898
		Ocean Trails,
	500,000	Series 2006-1A-A2		1.12%	#^		10/12/2020		493,907
		OCP Ltd.,
	173,964	Series 2012-2A-A2		2.29%	#^		11/22/2023		174,180
		Octagon Investment Partners Ltd.,
	1,966,086	Series 2012-1A-AR		2.05%	#^		05/05/2023		1,968,548
	1,000,000	Series 2014-1A-A		2.18%	#^		11/25/2025		1,001,264
	2,500,000	Series 2014-1A-A		2.20%	#^		04/15/2026		2,502,143
	500,000	Series 2014-1A-B		4.02%	#^		11/14/2026		501,857
	750,000	Series 2014-1A-C		4.47%	#^		11/14/2026		731,130
		OZLM Funding Ltd.,
	1,500,000	Series 2013-5A-A1		2.18%	#^		01/17/2026		1,501,815
		OZLM Ltd.,
	1,000,000	Series 2015-11A-A1A		2.31%	#^		01/30/2027		1,001,346
	1,000,000	Series 2015-11A-A2A		3.01%	#^		01/30/2027		999,737
		Palmer Square Ltd.,
	3,000,000	Series 2013-2A-A1B		3.12%	^		10/17/2025		3,009,743
		Pinnacle Park Ltd.,
	500,000	Series 2014-1A-C		3.78%	#^		04/15/2026		500,380
		Race Point Ltd.,
	2,055,059	Series 2011-5A-AR		2.15%	#^		12/15/2022		2,057,098
	250,000	Series 2012-6RA-CR		3.94%	#^		05/24/2023		253,843
	250,000	Series 2012-6RA-DR		4.94%	#^		05/24/2023		250,147
	3,000,000	Series 2012-7A-A		2.21%	#^		11/08/2024		3,003,052
		Regatta Funding Ltd.,
	500,000	Series 2014-1A-A1A		2.27%	#^		10/25/2026		500,591
	1,000,000	Series 2016-1A-X		1.63%	#^		07/20/2028		1,001,153
		Silverado Ltd.,
	873,394	Series 2006-2A-A1		0.92%	#^		10/16/2020		866,361
		Slater Mill Loan Fund,
	500,000	Series 2012-1A-B		3.45%	#^		08/17/2022		500,452
		Sound Harbor Loan Fund Ltd.,
	1,944,000	Series 2014-1A-A1		2.26%	#^		10/30/2026		1,946,331
		Steele Creek Ltd.,
	250,000	Series 2014-1A-A1		2.41%	#^		08/21/2026		250,318
		Stewart Park Ltd.,
	5,000,000	Series 2015-1A-B		2.68%	#^		04/15/2026		4,995,338
		Symphony Ltd.,
	2,794,654	Series 2012-8AR-AR		1.57%	#^		01/09/2023		2,796,198
	2,000,000	Series 2013-11A-A		1.98%	#^		01/17/2025		2,002,388
	1,500,000	Series 2013-11A-B1		2.88%	#^		01/17/2025		1,503,712
	1,500,000	Series 2013-11A-C		3.83%	#^		01/17/2025		1,501,331
		TCI-Flatiron Ltd,
	2,000,000	Series 2016-1A-B		2.86%	#^		07/17/2028		2,005,032
		Thacher Park Ltd.,
	500,000	Series 2014-1A-C		3.75%	#^		10/20/2026		500,120
	500,000	Series 2014-1A-D1		4.23%	#^		10/20/2026		485,807
		Wind River Ltd.,
	2,500,000	Series 2013-1A-A1		1.85%	#^		04/20/2025		2,496,426
	5,000,000	Series 2016-1A-C		3.07%	#^		07/15/2028		4,996,470
		Venture Ltd.,
	744,094	Series 2007-8A-A2A		0.92%	#^		07/22/2021		731,374
	500,000	Series 2012-10A-C		3.95%	#^		07/20/2022		501,276
	1,000,000	Series 2012-11A-AR		2.12%	#^		11/14/2022		1,001,244
	500,000	Series 2013-14A-B1		2.68%	#^		08/28/2025		499,387
	2,620,000	Series 2014-16A-A1L		2.18%	#^		04/15/2026		2,621,962
	6,000,000	Series 2014-17A-A		2.16%	#^		07/15/2026		6,002,671
	4,000,000	Series 2014-18A-A		2.13%	#^		10/15/2026		4,001,338
	6,000,000	Series 2014-18A-B		2.58%	#^		10/15/2026		5,992,453

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Voya Ltd.,
	1,000,000	Series 2006-3A-B		1.36%	#^		12/13/2020		998,625
	3,750,000	Series 2013-2A-A1		1.86%	#^		04/25/2025		3,741,284
	2,750,000	Series 2014-4A-A1		2.17%	#^		10/14/2026		2,751,249
		Washington Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.20%	#^		04/20/2026		999,500
		Total Collateralized Loan Obligations (Cost $228,879,308)							229,581,912
	FOREIGN CORPORATE BONDS 8.5%
	2,500,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		2,535,238
	1,300,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		1,410,500
	200,000	Aeropuertos Dominicanos		9.75%			11/13/2019		210,600
	1,000,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,045,000
	200,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		209,000
	1,830,000	AstraZeneca PLC		1.75%			11/16/2018		1,844,558
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		191,500
	800,000	Avianca Holdings S.A.		8.38%			05/10/2020		766,000
	2,500,000	Axiata SPV2 BHD		3.47%			11/19/2020		2,627,048
	500,000	Banco Davivienda S.A.		2.95%			01/29/2018		505,125
	200,000	Banco de Bogota S.A.		5.00%			01/15/2017		201,639
	2,600,000	Banco de Costa Rica		5.25%			08/12/2018		2,678,000
	1,500,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		1,501,350
	1,300,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		1,332,500
	1,945,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		1,945,000
	1,600,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		1,555,520
	400,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#^		08/11/2026		388,880
	1,500,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,545,750
	500,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		521,875
	400,000	Banco Nacional de Costa Rica		5.88%			04/25/2021		417,500
	600,000	Banco Regional SAECA		8.13%			01/24/2019		648,000
	1,600,000	Banco Santander		5.95%	#		01/30/2024		1,685,520
	1,945,000	Bank of Montreal		1.50%			07/18/2019		1,941,534
	1,000,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		1,020,000
	2,650,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		2,669,266
	1,000,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		1,093,000
	775,000	BP Capital Markets PLC		1.68%			05/03/2019		778,240
	135,000	BP Capital Markets PLC		1.85%			05/05/2017		135,597
	937,000	BP Capital Markets PLC		1.67%			02/13/2018		940,785
	1,650,000	British Telecommunications PLC		5.95%			01/15/2018		1,746,061
	50,000	Camposol S.A.		10.50%	^		07/15/2021		46,000
	300,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		340,355
	800,000	Cemex S.A.B. de C.V.		5.43%	#		10/15/2018		834,000
	1,000,000	Central American Bottling Corporation		6.75%			02/09/2022		1,050,000

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 77

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	CNOOC Finance Ltd.		2.63%			05/05/2020		2,552,010
	1,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		1,023,693
	300,000	Colbun S.A.		6.00%			01/21/2020		336,156
	700,000	Corpbanca S.A.		3.88%			09/22/2019		732,119
	500,000	CorpGroup Banking S.A.		6.75%			03/15/2023		484,375
	300,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		311,250
	500,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		518,750
	700,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		705,250
	880,000	Covidien International Finance S.A.		6.00%			10/15/2017		922,957
	1,100,000	DBS Bank Ltd.		3.63%	#		09/21/2022		1,118,768
	200,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		208,550
	1,800,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		1,901,250
	900,000	Digicel Ltd.		8.25%			09/30/2020		786,375
	800,000	Digicel Ltd.		7.13%			04/01/2022		619,760
	1,500,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		1,552,500
	800,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		909,000
	2,229,538	ENA Norte Trust		4.95%			04/25/2023		2,329,867
	2,500,000	Export-Import Bank of India		3.13%			07/20/2021		2,583,240
	2,000,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,069,000
	1,100,000	Global Bank Corporation		4.75%			10/05/2017		1,134,705
	200,000	Global Bank Corporation		5.13%	^		10/30/2019		210,500
	400,000	Global Bank Corporation		5.13%			10/30/2019		421,000
	200,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		203,500
	1,000,000	Grupo Aval Ltd.		5.25%			02/01/2017		1,007,980
	900,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		954,000
	700,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		701,750
	1,300,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,306,500
	652,897	Guanay Finance Ltd.		6.00%	^		12/15/2020		670,035
	1,523,426	Guanay Finance Ltd.		6.00%			12/15/2020		1,563,416
	2,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		2,045,000
	900,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		1,019,118
	300,000	Inkia Energy Ltd.		8.38%			04/04/2021		312,450
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		208,300
	1,200,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		1,278,000
	679,774	Interoceanica Finance Ltd.		0.00%			11/30/2018		661,930
	1,500,000	Inversiones CMPC S.A.		4.75%			01/19/2018		1,541,250
	1,700,000	IOI Investment BHD		4.38%			06/27/2022		1,805,597
	800,000	Israel Electric Corporation Ltd.		2.63%	#		01/17/2018		799,554
	1,500,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		1,588,500
	1,500,000	Kia Motors Corporation		2.63%	^		04/21/2021		1,550,965
	1,500,000	Malayan Banking BHD		3.25%	#		09/20/2022		1,516,143
	800,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		812,000
	1,775,000	Mylan N.V.		2.50%	^		06/07/2019		1,791,793
	600,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		624,120
	200,000	OAS Investments GMBH		8.25%	W		10/19/2019		11,000
	150,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		71,250
	2,500,000	ONGC Videsh Ltd.		3.25%			07/15/2019		2,571,250
	1,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		1,023,670
	1,860,000	Orange S.A.		2.75%			02/06/2019		1,915,631
	2,200,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		2,300,100
	850,000	Pacific Rubiales Energy Corporation		5.38%	W		01/26/2019		161,500
	925,229	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		907,927
	500,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		418,250
	2,500,000	Petroleos Mexicanos		3.50%			07/18/2018		2,563,750
	2,200,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		2,252,437

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	320,400	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		343,651
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		270,466
	2,140,000	Royal Bank of Canada		2.00%			12/10/2018		2,166,891
	1,240,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		1,242,032
	500,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		509,253
	500,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		509,253
	1,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		1,027,661
	1,200,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		1,215,000
	1,400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		1,456,000
	2,200,000	Tencent Holdings Ltd.		2.88%			02/11/2020		2,260,625
	300,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		308,267
	750,000	Teva Pharmaceutical Finance Netherlands B.V.		1.70%			07/19/2019		748,756
	1,950,000	Toronto Dominion Bank		1.75%			07/23/2018		1,962,429
	800,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		835,600
	200,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		168,250
	700,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		516,250
	1,400,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		1,452,962
	800,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		825,710
	600,000	Want Want China Finance Ltd.		1.88%	^		05/14/2018		598,228
	775,000	Westpac Banking Corporation		1.95%			11/23/2018		781,535
	1,300,000	Westpac Banking Corporation		1.60%			08/19/2019		1,300,224
		Total Foreign Corporate Bonds (Cost $120,626,470)							120,449,725
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.7%
	965,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,174,888
	655,786	Dominican Republic International Bond		9.04%			01/23/2018		688,575
	500,000	Hungary Government International Bond		4.00%			03/25/2019		525,190
	3,000,000	Panama Government International Bond		5.20%			01/30/2020		3,322,500
	1,500,000	Poland Government International Bond		5.13%			04/21/2021		1,697,958
	2,800,000	Qatar Government International Bond		2.38%			06/02/2021		2,826,452
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $10,166,692)							10,235,563

78 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 15.5%
		A10 LLC,
	2,328,000	Series 2016-1-A1		2.42%	^		03/15/2035		2,338,280
		Arbor Realty Ltd.,
	404,000	Series 2016-FL1A-B		3.45%	#^		09/15/2026		405,006
		BAMLL Commercial Mortgage Securities Trust,
	200,000	Series 2014-IP-E		2.81%	#^		06/15/2028		197,603
	30,000,000	Series 2015-200P-XA		0.50%	#^ I/O		04/14/2033		912,591
		Banc of America Commercial Mortgage Trust,
	314,330	Series 2006-5-AM		5.45%			09/10/2047		314,150
	500,000	Series 2007-5-AM		5.77%	#		02/10/2051		512,829
	2,675,243	Series 2010 - UBER3-A4B2		5.95%	#^		05/15/2046		2,732,466
		Bear Stearns Commercial Mortgage Securities Trust,
	3,008,954	Series 2007-PWR17-A4		5.69%	#		06/11/2050		3,092,131
		Bear Stearns Commercial Mortgage Securities, Inc.,
	30,095	Series 2004-PWR4-D		6.15%	#		06/11/2041		31,268
	67,288	Series 2006-PW13-AJ		5.61%	#		09/11/2041		67,260
	2,667,575	Series 2007-PW18-A4		5.70%			06/11/2050		2,748,116
	500,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		482,402
		BXHTL Mortgage Trust,
	1,055,000	Series 2015-JWRZ-A		1.76%	#^		05/15/2029		1,057,946
		CD Commercial Mortgage Trust,
	2,871,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		2,898,645
		CFCRE Commercial Mortgage Trust,
	22,163,239	Series 2016-C3-XA		1.25%	# I/O		01/10/2048		1,732,527
		CGCMT Trust,
	3,222,000	Series 2010-RR2-JA4B		6.07%	#^		02/19/2051		3,318,577
		CGGS Commercial Mortgage Trust,
	1,789,942	Series 2016-RNDB-AFL		2.17%	#^		02/15/2033		1,799,628
		Citigroup Commercial Mortgage Trust,
	933,000	Series 2007-C6-AM		5.90%	#		12/10/2049		948,030
	1,500,000	Series 2007-C6-AMFX		5.90%	#^		12/10/2049		1,524,163
	8,209,494	Series 2014-GC25-XA		1.23%	# I/O		10/10/2047		551,549
	1,430,000	Series 2015-GC27-D		4.58%	#^		02/10/2048		1,169,166
	5,927,538	Series 2015-GC27-XA		1.58%	# I/O		02/10/2048		523,802
	1,750,000	Series 2015-GC31-C		4.20%	#		06/10/2048		1,778,334
	20,064,683	Series 2016-GC36-XA		1.51%	# I/O		02/10/2049		1,854,404
	14,485,838	Series 2016-P3-XA		1.88%	# I/O		04/15/2049		1,695,769
	18,034,962	Series 2016-P4-XA		2.18%	# I/O		07/10/2049		2,604,227
		COBALT Commercial Mortgage Trust,
	1,687,040	Series 2006-C1-AM		5.25%			08/15/2048		1,686,830
	300,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		300,149
	350,000	Series 2007-C3-AM		5.95%	#		05/15/2046		357,477
		Commercial Mortgage Pass-Through Certificates,
	30,598,491	Series 2013-CCRE-12		1.54%	# I/O		10/10/2046		1,942,591
	10,221,755	Series 2013-CR10-XA		1.10%	# I/O		08/10/2046		401,265
	3,179,786	Series 2014-CR17-XA		1.33%	# I/O		05/10/2047		183,246
	300,000	Series 2014-CR19-C		4.88%	#		08/10/2047		314,059
	500,000	Series 2014-CR20-C		4.66%	#		11/10/2047		520,701
	110,000	Series 2014-TWC-C		2.38%	#^		02/13/2032		108,696
	1,500,000	Series 2015-CR22-D		4.26%	#^		03/10/2048		1,231,056
	22,263,582	Series 2015-CR22-XA		1.16%	# I/O		03/10/2048		1,282,476
	1,500,000	Series 2015-CR23-D		4.40%	#		05/10/2048		1,157,908
	1,386,000	Series 2015-CR25-C		4.70%	#		08/10/2048		1,447,382
	1,000,000	Series 2015-DC1-D		4.50%	#^		02/10/2048		792,142
	12,386,397	Series 2015-DC1-XA		1.32%	# I/O		02/10/2048		815,382
	1,470,000	Series 2015-LC23-C		4.80%	#		10/10/2053		1,537,300
	1,966,000	Series 2016-CCRE28		4.80%	#		02/10/2049		2,019,486
	17,855,898	Series 2016-DC2-XA		1.24%	# I/O		02/10/2049		1,312,769
		Countrywide Commercial Mortgage Trust,
	836,822	Series 2007-MF1-A		6.30%	#^		11/12/2043		851,563
		Credit Suisse Mortgage Capital Certificates,
	190,000	Series 2006-C5-AM		5.34%			12/15/2039		190,047
	350,000	Series 2007-C2-AM		5.62%	#		01/15/2049		353,907
	1,575,000	Series 2007-C2-AMFL		0.76%	#		01/15/2049		1,551,838
	3,274,000	Series 2007-C4-A1AM		6.13%	#		09/15/2039		3,364,073
	2,593,186	Series 2007-C5-A4		5.70%	#		09/15/2040		2,653,205

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE				MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates, (Cont.)
	1,750,000	Series 2008-C1-AM		6.27%	# ^			02/15/2041		1,805,613
	10,092,000	Series 2014-USA-X1		0.70%	#^ I/O			09/15/2037		413,480
	1,500,000	Series 2015-SAND-D		3.37%	#^			08/15/2030		1,476,656
		CSAIL Commercial Mortgage Trust,
	30,763,021	Series 2015-C1-XA		1.11%	# I/O			04/15/2050		1,790,051
	4,790,653	Series 2016-C6-XA		1.98%	# I/O			01/15/2049		575,269
		Deutsche Bank Commercial Mortgage Trust,
	19,640,084	Series 2016-C1-XA		1.66%	# I/O			05/10/2049		2,114,546
		FORT CRE LLC,
	2,438,000	Series 2016-1A-B		3.29%	#^			05/21/2036		2,436,623
		GE Capital Commercial Mortgage Corporation Trust,
	1,625,389	Series 2006-C1		5.49%	#			03/10/2044		1,642,593
		GE Commercial Mortgage Corporation Trust,
	1,499,300	Series 2007-C1-AM		5.61%	#			12/10/2049		1,486,452
		Grace Mortgage Trust,
	350,000	Series 2014-GRCE-A		3.37%	^			06/10/2028		373,078
		Greenwich Capital Commercial Funding Corporation,
	1,550,000	Series 2007-GG11-AJ		6.24%	#			12/10/2049		1,551,730
	1,750,000	Series 2007-GG11-AM		5.87%	#			12/10/2049		1,806,614
	2,379,349	Series 2007-GG9-AM		5.48%				03/10/2039		2,399,174
		GS Mortgage Securities Corporation,
	1,876,558	Series 2007-GG10-A4		5.99%	#			08/10/2045		1,907,169
	300,000	Series 2013-KING-C		3.55%	#^			12/10/2027		304,172
	13,231,170	Series 2014-GC20-XA		1.33%	# I/O			04/10/2047		790,834
	4,462,658	Series 2014-GC24-XA		1.00%	# I/O			09/10/2047		217,012
	37,512,478	Series 2015-GC32-XA		1.04%	# I/O			07/10/2048		2,021,082
	9,945,793	Series 2015-GC34-XA		1.53%	# I/O			10/10/2048		901,899
	9,205,238	Series 2015-GS1-XA		0.99%	# I/O			11/10/2048		548,598
	19,808,843	Series 2016-GS2-XA		1.82%	# I/O			05/10/2049		2,285,792
	1,975,000	Series 2016-ICE2-A		2.45%	#^			02/15/2033		1,986,081
		GS Mortgage Securities Trust,
	3,210,000	Series 2014-GSFL-C		2.77%	#^			07/15/2031		3,176,071
	34,539,000	Series 2016-GS3-XA		1.29%	# I/O			10/10/2049		3,157,821
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	1,500,000	Series 2006-LDP9-AM		5.37%				05/15/2047		1,504,731
	1,910,000	Series 2007-C1-AM		6.19%	#			02/15/2051		1,928,654
	1,600,000	Series 2007-CB20-AJ		6.29%	#			02/12/2051		1,600,732
	1,701,000	Series 2007-CB20-AM		6.09%	#			02/12/2051		1,762,122
	3,344,000	Series 2007-CIBC19-AM		5.88%	#			02/12/2049		3,402,287
	1,750,000	Series 2007-LD12-AM		6.21%	#			02/15/2051		1,798,606
	350,000	Series 2014-DSTY-A		3.43%	^			06/10/2027		361,583
	500,000	Series 2014-PHH-D		2.92%	#^			08/15/2027		497,100
	1,550,000	Series 2015-CSMO-C		2.77%	#^			01/15/2032		1,547,835
	22,971,911	Series 2015-JP1-XA		1.31%	# I/O			01/15/2049		1,457,207
		JP Morgan Chase Commercial Mortgage Securities Trust,
	3,167,000	Series 2007-LD11-AM		5.94%	#			06/15/2049		3,189,892
	3,329,000	Series 2007-LDPX-AM		5.46%	#			01/15/2049		3,266,725
	1,600,353	Series 2008-C2-A4		6.07%				02/12/2051		1,642,258
	3,232,000	Series 2014-FRR1-A707		4.35%	^			01/27/2047		3,191,363
	3,218,000	Series 2016-WSP-C		3.38%	#^			08/15/2033		3,224,577
		JPMBB Commercial Mortgage Securities Trust,
	7,204,449	Series 2014-C18-XA		1.25%	# I/O			02/15/2047		362,101
	17,973,874	Series 2014-C21-XA		1.25%	# I/O	��		08/15/2047		1,141,339
	500,000	Series 2014-C23-C		4.61%	#			09/15/2047		527,159
	23,237,993	Series 2014-C25-XA		1.15%	# I/O			11/15/2047		1,307,179
	1,303,000	Series 2014-C26-C		4.57%	#			01/15/2048		1,340,856
	7,647,217	Series 2014-C26-XA		1.32%	# I/O			01/15/2048		453,798
	1,000,000	Series 2015-C27-D		3.98%	#^			02/15/2048		761,132
	8,621,074	Series 2015-C27-XA		1.52%	# I/O			02/15/2048		635,868
	29,685,381	Series 2015-C29-XA		1.09%	# I/O			05/15/2048		1,294,235
	30,949,261	Series 2015-C30-XA		0.86%	# I/O			07/15/2048		1,185,193
	13,079,048	Series 2015-C31-XA		1.17%	# I/O			08/15/2048		812,712
	580,000	Series 2015-C33-C		4.77%	#			12/15/2048		610,589
	25,971,594	Series X-A		1.66%	# I/O			11/15/2048		1,950,677
		LB Commercial Mortgage Trust,
	2,185,000	Series 2007-C3-AM		6.11%	#			07/15/2044		2,233,571

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 79

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LB-UBS Commercial Mortgage Trust,
	99,752	Series 2006-C7-AM		5.38%			11/15/2038		99,782
	1,550,000	Series 2007-C1-AJ		5.48%			02/15/2040		1,553,881
	1,268,000	Series 2007-C1-AM		5.46%			02/15/2040		1,277,947
	1,852,000	Series 2007-C2-AM		5.49%	#		02/15/2040		1,881,927
		LSTAR Commercial Mortgage Trust,
	11,864,543	Series 2016-4-XA		2.11%	#^ I/O		03/10/2049		1,141,185
		Madison Avenue Trust,
	300,000	Series 2013-650M-D		4.17%	#^		10/12/2032		308,378
		Merrill Lynch Mortgage Trust,
	49,720	Series 2006-C1-AJ		5.79%	#		05/12/2039		49,698
	69,958	Series 2006-C2-AJ		5.80%	#		08/12/2043		69,927
	5,172,000	Series 2007-C1-AM		6.01%	#		06/12/2050		5,006,837
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	230,000	Series 2006-4-AM		5.20%			12/12/2049		229,888
		ML-CFC Commercial Mortgage Trust,
	1,940,230	Series 2007-7-A4		5.81%	#		06/12/2050		1,972,941
		Morgan Stanley Bank of America Merrill Lynch Trust,
	5,263,707	Series 2013-C12-XA		1.10%	# I/O		10/15/2046		193,582
	20,206,282	Series 2013-C7-XA		1.70%	# I/O		02/15/2046		1,297,175
	9,868,800	Series 2014-C14-XA		1.42%	# I/O		02/15/2047		501,476
	500,000	Series 2014-C18-C		4.64%	#		10/15/2047		526,747
	620,000	Series 2014-C19-C		4.00%			12/15/2047		598,613
	120,000	Series 2015-C20-C		4.61%	#		02/15/2048		116,924
	2,000,000	Series 2015-C26-D		3.06%	^		10/15/2048		1,452,902
	21,834,372	Series 2016-C28-XA		1.45%	# I/O		01/15/2049		1,887,064
		Morgan Stanley Capital, Inc.,
	174,539	Series 2006-HQ8-AJ		5.59%	#		03/12/2044		175,395
	500,000	Series 2007-1Q16-AMA		6.25%	#		12/12/2049		516,447
	500,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		493,575
	2,412,000	Series 2007-IQ16-AM		6.25%	#		12/12/2049		2,500,182
	175,000	Series 2014-CPT-E		3.56%	#^		07/13/2029		177,001
	175,000	Series 2014-CPT-F		3.56%	#^		07/13/2029		172,740
	800,000	Series 2014-CPT-G		3.56%	#^		07/13/2029		777,335
	500,000	Series 2014-MP-D		3.82%	#^		08/11/2029		506,123
	625,000	Series 2015-XLF1-D		3.53%	#^		08/14/2031		621,530
		Velocity Commercial Capital Loan Trust,
	2,688,852	Series 2015-1-AFL		2.96%	#^		06/25/2045		2,709,928
	4,995,238	Series 2016-1-AFX		3.53%	#^		04/25/2046		4,962,126
		Wachovia Bank Commercial Mortgage Trust,
	154,457	Series 2006-C24-AJ		5.66%	#		03/15/2045		154,266
	3,089,000	Series 2006-C26-AM		6.29%	#		06/15/2045		3,111,060
	2,651,000	Series 2006-C27-AJ		5.83%	#		07/15/2045		2,660,871
	1,500,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		1,495,679
	110,000	Series 2006-C28-AM		5.60%	#		10/15/2048		109,888
	680,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		681,386
	1,800,000	Series 2007-C30-AM		5.38%			12/15/2043		1,816,282
	500,000	Series 2007-C31-AM		5.59%	#		04/15/2047		506,774
	2,709,000	Series 2007-C32-A3		5.89%	#		06/15/2049		2,753,991
	2,663,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		2,707,169
	1,045,000	Series 2007-C33-AJ		6.16%	#		02/15/2051		1,047,683
	1,500,000	Series 2007-C33-AM		6.16%	#		02/15/2051		1,531,318
		Wells Fargo Commercial Mortgage Trust,
	1,900,000	Series 2014-LC16-D		3.94%	^		08/15/2050		1,559,198
	540,000	Series 2014-LC18-B		3.96%			12/15/2047		580,648
	13,848,820	Series 2015-C27-XA		1.14%	# I/O		02/15/2048		850,998
	2,000,000	Series 2015-C31-C		4.77%	#		11/15/2048		2,095,478
	22,112,608	Series 2015-C31-XA		1.27%	# I/O		11/15/2048		1,648,053
	32,741,601	Series 2015-NXS2-XA		0.94%	# I/O		07/15/2058		1,525,516
	1,340,000	Series 2015-NXS3-C		4.64%	#		09/15/2057		1,298,082
	1,443,000	Series 2016-C32-C		4.88%	#		01/15/2059		1,418,419
	15,342,363	Series 2016-C33-XA		1.98%	# I/O		03/15/2059		1,823,738
	26,194,000	Series 2016-LC24-XA		1.75%	# I/O		10/15/2049		3,201,431
		WF-RBS Commercial Mortgage Trust,
	3,842,179	Series 2014-C19-XA		1.41%	# I/O		03/15/2047		235,393
	9,781,097	Series 2014-C21-XA		1.32%	# I/O		08/15/2047		618,104
	29,664,000	Series 2016-NXS6-XA		1.81%	#		11/15/2049		3,295,136
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $221,006,577)							218,332,725

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 10.8%
		Ajax Mortgage Loan Trust,
	2,726,767	Series 2015-B-A		3.88%	#^		07/25/2060		2,696,024
	8,774,621	Series 2016-B-A		4.00%	#^		09/25/2065		8,777,583
		Banc of America Funding Corporation,
	1,750,000	Series 2005-B-3M1		0.98%	#		04/20/2035		1,450,664
	4,953,950	Series 2006-7-TSA1		5.88%	#		10/25/2036		4,090,366
		Bayview Opportunity Master Fund Trust,
	6,747,068	Series 2016-A-A		4.46%	#^		01/28/2036		6,752,405
	13,000,000	Series 2016-RN2-A1		3.60%	#^		08/28/2031		13,012,016
	8,878,128	Series 2016-RPL2-A1		3.84%	#^		06/28/2031		8,892,025
	4,877,874	Series 2016-RPL3-A1		3.47%	#^		07/28/2031		4,886,503
	9,923,641	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		9,950,571
		BCAP LLC Trust,
	3,368,667	Series 2012-RR1-3A4		5.72%	#^		10/26/2035		3,053,780
		CAM Mortgage LLC,
	432,370	Series 2015-1-A		3.50%	#^		07/15/2064		433,442
		Citicorp Residential Mortgage Securities, Inc.,
	2,058,278	Series 2007-1-A4		5.75%	#		03/25/2037		2,155,108
		CitiMortgage Alternative Loan Trust,
	2,181,888	Series 2007-A5-1A10		5.75%			05/25/2037		2,015,437
		Countrywide Alternative Loan Trust,
	127,299	Series 2004-33-1A1		3.08%	#		12/25/2034		125,699
	1,031,903	Series 2005-23CB-A15		5.50%			07/25/2035		980,945
	3,593,567	Series 2005-28CB-1A6		5.50%			08/25/2035		3,489,073
	3,206,693	Series 2006-J6-A5		6.00%			09/25/2036		2,673,038
	723,493	Series 2007-15CB-A7		6.00%			07/25/2037		650,160
		Countrywide Home Loans,
	2,382,365	Series 2005-10-A2		5.50%			05/25/2035		2,287,787
	1,345,518	Series 2007-14-A15		6.50%			09/25/2037		1,234,106
		Credit Suisse First Boston Mortgage Securities Corporation,
	18,559	Series 2004-8-6A1		4.50%			12/25/2019		18,714
	3,805,835	Series 2005-11-2A1		6.00%			12/25/2035		3,666,060
	171,181	Series 2005-11-8A5		6.00%			12/25/2035		164,703
	1,608,399	Series 2005-9-5A9		5.50%			10/25/2035		1,406,732
		Credit Suisse Mortgage Capital Certificates,
	1,000,000	Series 2011-12R-3A5		2.60%	#^		07/27/2036		819,927
	1,000,000	Series 2011-5R-6A9		3.06%	#^		11/27/2037		911,360
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	1,339,696	Series 2006-AB4-A1A		6.01%	#		10/25/2036		1,140,123
		Deutsche Mortgage & Asset Receiving Corporation,
	806,471	Series 2014-RS1-1A2		7.91%	#^		07/27/2037		597,974
		FirstKey Mortgage Trust,
	8,655,320	Series 2014-1-A8		3.50%	#^		11/25/2044		8,884,624
		GMACM Mortgage Loan Trust,
	198,118	Series 2005-J1-A6		6.00%			12/25/2035		193,248
		GSR Mortgage Loan Trust,
	26,990	Series 2004-2F-14A1		5.50%			09/25/2019		27,401
	993,299	Series 2006-2F-3A4		6.00%			02/25/2036		812,057
		Home Equity Mortgage Trust,
	210,495	Series 2003-6-M2		2.73%	#		03/25/2034		205,945
		HSI Asset Loan Obligation Trust,
	368,755	Series 2006-2-1A1		6.00%			12/25/2036		236,236
		Impac Secured Assets Trust,
	1,128,048	Series 2006-5-1A1C		0.80%	#		02/25/2037		832,302
		IndyMac Mortgage Loan Trust,
	2,707,549	Series 2006-AR5-2A1		3.02%	#		05/25/2036		2,315,967
		Lehman Mortgage Trust,
	476,472	Series 2006-1-1A3		5.50%			02/25/2036		395,580
		Lehman XS Trust,
	29,369	Series 2005-6-3A2B		5.42%	#		11/25/2035		29,591
		MASTR Adjustable Rate Mortgages Trust,
	349,573	Series 2006-2-2A1		3.03%	#		04/25/2036		323,865

80 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Alternative Note Asset Trust,
	672,555	Series 2007-F1-2A6		6.00%			03/25/2037		526,985
		Merrill Lynch Mortgage Investors Trust,
	2,446,807	Series 2006-AF1-AF2C		6.25%			08/25/2036		1,979,103
		Morgan Stanley Mortgage Loan Trust,
	579,633	Series 2006-2-7A1		5.51%	#		02/25/2036		526,058
		Nationstar HECM Loan Trust,
	9,000,000	Series 2016-3A-M1		3.15%	^		08/25/2026		9,039,870
		Residential Accredit Loans, Inc.,
	1,620,722	Series 2006-QS12-2A3		6.00%			09/25/2036		1,347,363
	2,202,677	Series 2007-QS9-A33		6.50%			07/25/2037		1,886,535
		Residential Asset Mortgage Products, Inc.,
	353,244	Series 2005-EFC7-AI3		0.78%	#		12/25/2035		340,463
		Residential Asset Securitization Trust,
	1,109,882	Series 2006-A2-A11		6.00%			01/25/2046		878,251
		Springleaf Mortgage Loan Trust,
	1,250,000	Series 2013-1A-B2		6.00%	#^		06/25/2058		1,264,027
	1,250,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		1,264,027
		Structured Asset Securities Corporation,
	2,269,288	Series 2005-16-1A2		5.50%			09/25/2035		2,258,799
		Towd Point Mortgage Trust,
	3,982,705	Series 2015-2-1A13		2.50%	#^		11/25/2060		4,009,798
		VOLT LLC,
	8,885,952	Series 2015-NP11-A1		3.63%	#^		07/25/2045		8,931,796
	1,953,789	Series 2015-NPL1-A1		3.63%	#^		10/25/2057		1,961,102
	4,411,710	Series 2015-NPL3-A1		3.38%	#^		10/25/2058		4,413,963
	4,972,040	Series 2016-NPL8-A1		3.50%	#^		07/25/2046		4,987,743
		Washington Mutual Mortgage Pass-Through Certificates,
	218,701	Series 2006-5-1A5		6.00%			07/25/2036		191,088
		Wells Fargo Alternative Loan Trust,
	2,789,621	Series 2007-PA5-1A1		6.25%			11/25/2037		2,688,589
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $152,353,244)							151,084,701
	US CORPORATE BONDS 7.2%
	2,040,000	AbbVie, Inc.		1.80%			05/14/2018		2,049,378
	1,195,000	Aetna, Inc.		1.90%			06/07/2019		1,205,848
	1,740,000	Amazon.com, Inc.		2.60%			12/05/2019		1,807,693
	1,260,000	American Express Credit Corporation		1.80%			07/31/2018		1,267,632
	673,000	American Express Credit Corporation		2.25%			08/15/2019		686,973
	1,375,000	American Honda Finance Corporation		1.70%			02/22/2019		1,387,115
	1,230,000	American Honda Finance Corporation		1.20%			07/12/2019		1,223,204
	1,690,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		1,707,716
	765,000	Apple, Inc.		1.70%			02/22/2019		773,899
	1,850,000	AT&T, Inc.		2.30%			03/11/2019		1,882,046
	2,612,000	Bank of America Corporation		2.00%			01/11/2018		2,624,775
	1,900,000	BB&T Corporation		2.25%			02/01/2019		1,936,738
	1,350,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		1,362,810
	1,345,000	Berkshire Hathaway Finance Corporation		1.30%			08/15/2019		1,347,736
	1,893,000	Boston Properties LP		5.88%			10/15/2019		2,103,102
	2,000,000	Cardinal Health, Inc.		1.95%			06/15/2018		2,019,674
	1,890,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		1,904,020
	1,756,000	Celgene Corporation		2.13%			08/15/2018		1,775,504
	269,000	Chevron Corporation		1.79%			11/16/2018		271,858
	825,000	Chevron Corporation		1.56%			05/16/2019		829,755
	2,095,000	Cisco Systems, Inc.		1.40%			09/20/2019		2,098,050
	2,441,000	Citigroup, Inc.		2.05%			12/07/2018		2,460,679
	575,000	Comcast Corporation		6.50%			01/15/2017		583,779
	885,000	Comcast Corporation		5.88%			02/15/2018		940,047
	2,112,000	CVS Health Corporation		1.90%			07/20/2018		2,133,295
	2,050,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		2,081,863

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,155,000	Duke Energy Corporation		1.63%			08/15/2017		2,161,849
	2,005,000	Express Scripts Holding Company		2.25%			06/15/2019		2,034,850
	2,060,000	General Mills, Inc.		2.20%			10/21/2019		2,103,573
	1,685,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		1,724,437
	2,405,000	Hewlett-Packard Company		2.85%	^		10/05/2018		2,451,506
	1,150,000	John Deere Capital Corporation		1.60%			07/13/2018		1,156,898
	850,000	John Deere Capital Corporation		1.95%			01/08/2019		864,241
	2,110,000	JP Morgan Chase & Company		2.25%			01/23/2020		2,138,002
	1,231,000	Kinder Morgan Energy Partners LP		6.00%			02/01/2017		1,248,888
	1,965,000	Kraft Heinz Foods Company		2.00%			07/02/2018		1,985,259
	1,745,000	Kroger Company		6.15%			01/15/2020		1,984,779
	1,216,000	Laboratory Corporation		2.50%			11/01/2018		1,236,981
	2,029,000	McKesson Corporation		1.29%			03/10/2017		2,030,822
	905,000	Medtronic, Inc.		1.50%			03/15/2018		909,245
	710,000	Microsoft Corporation		1.10%			08/08/2019		707,979
	1,145,000	Molson Coors Brewing Company		1.45%			07/15/2019		1,142,372
	1,317,000	Mondelez International, Inc.		2.25%			02/01/2019		1,340,620
	2,480,000	Morgan Stanley		2.45%			02/01/2019		2,526,361
	1,330,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		1,332,228
	395,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		399,768
	245,000	Mylan, Inc.		2.55%			03/28/2019		248,242
	1,743,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		1,787,087
	2,070,000	Newell Brands, Inc.		2.60%			03/29/2019		2,118,351
	615,000	Oracle Corporation		2.38%			01/15/2019		630,764
	1,200,000	Oracle Corporation		2.25%			10/08/2019		1,230,104
	1,510,000	PepsiCo Inc.		2.15%			10/14/2020		1,550,608
	1,675,000	Philip Morris International, Inc.		5.65%			05/16/2018		1,791,650
	855,000	PNC Funding Corporation		4.38%			08/11/2020		935,531
	1,520,000	Reynolds American Inc.		3.25%			06/12/2020		1,600,628
	1,260,000	Shell International Finance B.V.		1.38%			05/10/2019		1,256,918
	875,000	Simon Property Group LP		2.15%			09/15/2017		880,917
	233,000	Simon Property Group LP		2.20%			02/01/2019		237,558
	178,000	Simon Property Group LP		5.65%			02/01/2020		199,321
	1,510,000	Southern Company		2.45%			09/01/2018		1,539,883
	170,000	Southern Company		1.85%			07/01/2019		171,439
	1,055,000	Synchrony Financial		3.00%			08/15/2019		1,080,749
	880,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		890,271
	315,000	Toyota Motor Credit Corporation		1.55%			07/13/2018		316,776
	1,090,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		1,098,817
	1,290,000	United Technologies Corporation		1.78%	#		05/04/2018		1,297,494
	390,000	United Technologies Corporation		6.13%			02/01/2019		432,636
	2,525,000	Verizon Communications Inc		2.63%			02/21/2020		2,598,970
	250,000	WellPoint, Inc.		1.88%			01/15/2018		251,276
	1,655,000	WellPoint, Inc.		2.30%			07/15/2018		1,677,334
	2,050,000	Wells Fargo & Company		1.50%			01/16/2018		2,052,315
	885,000	Xerox Corporation		2.95%			03/15/2017		890,330
	842,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		843,004
		Total US Corporate Bonds (Cost $101,146,909)							101,554,820

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 81

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 3.2%
		Federal Home Loan Mortgage Corporation,
	2,505,869	Pool G08626		3.00%			02/01/2045		2,607,672
	2,601,771	Pool G08631		3.00%			03/01/2045		2,707,470
	946,061	Series 3417-SM		5.76%	# I/F I/O		02/15/2038		185,758
	2,384,152	Series 4471-GA		3.00%			02/15/2044		2,473,856
		Federal Home Loan Mortgage Corporation Pass-Thru,
	33,562,973	Series K722-X1		1.31%	# I/O		03/25/2023		2,344,515
		Federal National Mortgage Association,
	5,011,763	Series 2015-09-HA		3.00%			01/25/2045		5,257,735
	8,118,007	Series 2015-59-A		3.00%			06/25/2041		8,319,447
	10,000,000	Series 2016-72-PA		3.00%			07/25/2046		10,388,682
		Federal National Mortgage Association Pass-Thru,
	3,555,240	Pool AS4645		3.00%			03/01/2045		3,700,774
	760,682	Pool MA1200		3.00%			10/01/2032		800,536
	6,437,616	Pool MA2270		3.00%			05/01/2045		6,605,622
		Total US Government / Agency Mortgage Backed Obligations (Cost $44,499,599)							45,392,067
	US GOVERNMENT AND AGENCY OBLIGATIONS 16.5%
	18,900,000	United States Treasury Notes		1.00%			09/15/2017		18,961,652
	35,300,000	United States Treasury Notes		0.88%			11/30/2017		35,376,530
	37,600,000	United States Treasury Notes		1.00%			12/31/2017		37,735,849
	37,800,000	United States Treasury Notes		0.75%			01/31/2018		37,818,446
	33,100,000	United States Treasury Notes		0.75%			02/28/2018		33,112,942
	37,700,000	United States Treasury Notes		1.00%			03/15/2018		37,855,362
	32,300,000	United States Treasury Notes		1.63%			06/30/2020		33,010,988
		Total US Government and Agency Obligations (Cost $233,645,390)							233,871,769
	SHORT TERM INVESTMENTS 7.8%
	36,877,872	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				36,877,872
	36,877,871	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				36,877,871
	36,877,869	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				36,877,869
		Total Short Term Investments (Cost $110,633,612)							110,633,612
		Total Investments 91.6% (Cost $1,295,998,793)							1,294,801,790
		Other Assets in Excess of Liabilities 8.4%							119,012,625
		NET ASSETS 100.0%						$	1,413,814,415

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	16.5%
Collateralized Loan Obligations	16.2%
Non-Agency Commercial Mortgage Backed Obligations	15.5%
Non-Agency Residential Collateralized Mortgage Obligations	10.8%
Foreign Corporate Bonds	8.5%
Short Term Investments	7.8%
US Corporate Bonds	7.2%
Asset Backed Obligations	3.2%
US Government / Agency Mortgage Backed Obligations	3.2%
Bank Loans	2.0%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Other Assets and Liabilities	8.4%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	16.5%
Collateralized Loan Obligations	16.2%
Non-Agency Commercial Mortgage Backed Obligations	15.5%
Non-Agency Residential Collateralized Mortgage Obligations	10.8%
Short Term Investments	7.8%
Banking	4.2%
Asset Backed Obligations	3.2%
US Government / Agency Mortgage Backed Obligations	3.2%
Oil & Gas	1.7%
Telecommunications	1.1%
Healthcare	1.1%
Transportation	0.9%
Utilities	0.8%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Beverage and Tobacco	0.7%
Technology	0.7%
Pharmaceuticals	0.6%
Consumer Products	0.6%
Automotive	0.5%
Food Products	0.5%
Food/Drug Retailers	0.4%
Media	0.4%
Construction	0.3%
Finance	0.3%
Real Estate	0.3%
Retailers (other than Food/Drug)	0.3%
Building and Development (including Steel/Metals)	0.3%
Hotels/Motels/Inns and Casinos	0.3%
Electronics/Electric	0.2%
Insurance	0.2%
Chemicals/Plastics	0.2%
Energy	0.2%
Leisure	0.2%
Business Equipment and Services	0.1%
Aerospace & Defense	0.1%
Conglomerates	0.1%
Pulp & Paper	0.1%
Biotechnology	0.1%
Containers and Glass Products	0.1%
Financial Intermediaries	0.1%
Industrial Equipment	0.0%	~
Cosmetics/Toiletries	0.0%	~
Health Care Providers & Services	0.0%	~
Other Assets and Liabilities	8.4%
	100.0%

82 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

COUNTRY BREAKDOWN as a % of Net Assets:
United States	82.2%
Mexico	1.1%
Panama	0.7%
India	0.7%
China	0.6%
Malaysia	0.6%
Colombia	0.5%
Costa Rica	0.5%
Chile	0.5%
Canada	0.5%
Peru	0.5%
United Kingdom	0.4%
Singapore	0.4%
Israel	0.3%
Qatar	0.3%
Netherlands	0.2%
Guatemala	0.2%
Paraguay	0.2%
Australia	0.2%
Hong Kong	0.2%
France	0.1%
Brazil	0.1%
Poland	0.1%
South Korea	0.1%
Jamaica	0.1%
Luxembourg	0.1%
Ireland	0.1%
Dominican Republic	0.1%
Hungary	0.0%	~
Germany	0.0%	~
Other Assets and Liabilities	8.4%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $451,544,154 or 31.9% of net assets.

# Variable rate security. Rate disclosed as of September 30, 2016.

† Perpetual Maturity

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

¨ Seven-day yield as of September 30, 2016

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 83

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2016

Total Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector  ER USD Index «	Barclays Capital, Inc.		0.47%		56,400,000		10/13/2016	$	515,096
Shiller Barclays CAPE® US Sector  ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		11/16/2016		3,399,360
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		25,000,000		11/17/2016		3,199,776
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		12/21/2016		3,454,667
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		12/22/2016		6,727,271
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		01/26/2017		9,294,703
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		02/22/2017		5,326,246
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		90,000,000		02/23/2017		18,451,957
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		99,000,000		03/30/2017		15,647,133
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		60,000,000		04/27/2017		5,532,697
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		05/24/2017		2,381,467
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		100,000,000		05/25/2017		9,065,116
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		06/28/2017		2,074,140
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		100,000,000		06/29/2017		9,129,424
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		07/26/2017		1,775,167
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		90,000,000		07/27/2017		6,542,112
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		08/30/2017		798,537
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		100,000,000		08/31/2017		1,873,362
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		50,000,000		09/27/2017		739,525
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		60,000,000		09/28/2017		1,266,978
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		50,000,000		10/25/2017		718,731
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		10/26/2017		439,239
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		75,000,000		11/29/2017		451,413
								$	108,804,117

« Shiller Barclays CAPE^® US Sector ER USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an exchange-traded fund that invests primarily in equity securities of companies in the relevant sector. At September 30, 2016, the four sector constituents and their weightings were as follows: Energy 25.4%, Technology 25.1%, Industrial 24.8% and Consumer Discretionary 24.7%.

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index that invests primarily in equity securities of companies in the relevant sector. At September 30, 2016, the four sector constituents and their weightings were as follows: Energy 25.4%, Technology 25.1%, Industrial 24.8% and Consumer Discretionary 24.7%.

84 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Flexible Income Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.7%
		AVANT Loans Funding Trust,
	711,836	Series 2015-A-A		4.00%	^		08/16/2021		715,545
	323,618	Series 2016-B-A		3.92%	^		08/15/2019		325,681
		Citi Held For Asset Issuance,
	188,406	Series 2015-PM1-A		1.85%	^		12/15/2021		188,252
	1,000,000	Series 2015-PM1-C		5.01%	^		12/15/2021		971,162
		Consumer Installment Loan Trust,
	480,840	Series 2016-LD1-A		3.96%	^		07/15/2022		482,301
		Eaglewood Consumer Loan Trust,
	1,000,000	Series 2014-1-A		3.50%	^¥		10/15/2019		995,049
		MarketPlace Loan Trust,
	996,841	Series 2015-CB1-A		4.00%	^		07/15/2021		996,638
		SoFi Consumer Loan Program Trust,
	500,000	Series 2016-2-A		3.09%	^		10/27/2025		501,572
		Total Asset Backed Obligations (Cost $5,204,003)							5,176,200
	COLLATERALIZED LOAN OBLIGATIONS 16.3%
		Adams Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.16%	#^		07/15/2026		998,876
	250,000	Series 2014-1A-D1		4.18%	#^		07/15/2026		231,614
	250,000	Series 2014-1A-E1		5.68%	#^		07/15/2026		204,243
		ALM LLC,
	500,000	Series 2016-19A-A2		2.83%	#^		07/15/2028		500,824
	500,000	Series 2016-19A-B		3.63%	#^		07/15/2028		502,051
		ALM Loan Funding,
	1,000,000	Series 2012-7A-A1		2.11%	#^		10/19/2024		1,000,007
	1,000,000	Series 2014-14A-A1		2.17%	#^		07/28/2026		1,001,500
		Anchorage Capital Ltd.,
	250,000	Series 2014-3A-A2A		2.99%	#^		04/28/2026		250,229
		Apidos Ltd.,
	500,000	Series 2014-19A-D		4.43%	#^		10/17/2026		499,316
	500,000	Series 2015-21A-C		4.23%	#^		07/18/2027		467,837
	250,000	Series 2015-21A-D		6.23%	#^		07/18/2027		225,694
	1,250,000	Series 2016-24A-C		4.65%	#^		07/20/2027		1,214,812
		Avery Point Ltd.,
	250,000	Series 2013-2A-C		3.43%	#^		07/17/2025		248,125
	500,000	Series 2013-2A-D		4.13%	#^		07/17/2025		463,017
		Babson Ltd.,
	500,000	Series 2012-2A-CR		4.42%	#^		05/15/2023		500,000
	500,000	Series 2014-3A-D2		4.88%	#^		01/15/2026		502,575
	250,000	Series 2014-3A-E2		7.18%	#^		01/15/2026		234,944
	1,000,000	Series 2015-2A-D		4.50%	#^		07/20/2027		986,563
		Battalion Ltd.,
	500,000	Series 2007-1A-C		1.47%	#^		07/14/2022		495,037
		Betony Ltd.,
	500,000	Series 2015-1A-D		4.28%	#^		04/15/2027		468,426
		BlueMountain Ltd.,
	500,000	Series 2012-2A-C		3.56%	#^		11/20/2024		501,269
	750,000	Series 2015-2A-C		3.38%	#^		07/18/2027		743,523
	1,000,000	Series 2015-2A-D		4.23%	#^		07/18/2027		944,018
	500,000	Series 2015-2A-E		6.03%	#^		07/18/2027		440,430
	1,000,000	Series 2015-3A-B		3.80%	#^		10/20/2027		992,688
	500,000	Series 2015-3A-C		4.25%	#^		10/20/2027		482,216
	750,000	Series 2016-2A-C		4.80%	#^		08/20/2028		750,375
		Carlyle High Yield Partners Ltd.,
	1,191,518	Series 2007-10-A1		0.91%	#^		04/19/2022		1,191,356
	550,119	Series 2007-10A-A2A		0.90%	#^		04/19/2022		550,057
		Catamaran Ltd.,
	250,000	Series 2015-1A-C1		3.80%	#^		04/22/2027		248,040
		Cent Ltd.,
	645,000	Series 2014-16AR-A1AR		2.01%	#^		08/01/2024		645,016
	250,000	Series 2014-22A-B		3.99%	#^		11/07/2026		250,996
	500,000	Series 2014-22A-C		4.54%	#^		11/07/2026		485,455

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Cornerstone Ltd.,
	14,903	Series 2007-1A-A1S		0.90%	#^		07/15/2021		14,906
		Dryden Senior Loan Fund,
	500,000	Series 2012-24RA-DR		4.52%	#^		11/15/2023		487,346
	250,000	Series 2012-25A-D		4.68%	#^		01/15/2025		249,466
	1,000,000	Series 2016-45-D		4.66%	#^		07/15/2027		993,737
		Eaton Vance Ltd.,
	948,448	Series 2006-8A-A		1.07%	#^		08/15/2022		940,455
	500,000	Series 2006-8A-B		1.47%	#^		08/15/2022		493,053
		Flatiron Ltd.,
	500,000	Series 2013-1A-B		3.43%	#^		01/17/2026		500,156
		Four Corners Ltd.,
	183,661	Series 2006-2A-A		0.99%	#^		01/26/2020		183,646
		Galaxy Ltd.,
	1,000,000	Series 2014-18A-A		2.15%	#^		10/15/2026		1,000,856
	250,000	Series 2014-18A-D1		4.38%	#^		10/15/2026		234,296
		GoldenTree Loan Opportunities Ltd.,
	500,000	Series 2012-6A-D		4.88%	#^		04/17/2022		500,679
	1,000,000	Series 2015-10A-D		4.05%	#^		07/20/2027		941,690
		Halcyon Loan Advisors Funding Ltd.,
	250,000	Series 2013-2A-C		3.46%	#^		08/01/2025		245,945
	250,000	Series 2014-2A-C		4.24%	#^		04/28/2025		218,506
	250,000	Series 2014-2A-D		5.74%	#^		04/28/2025		188,218
		ING Ltd.,
	500,000	Series 2013-1A-D		5.68%	#^		04/15/2024		465,072
		Jay Park Ltd.,
	2,000,000	Series 2016-1A-C		4.66%	#^		10/20/2027		1,977,520
		LCM LP,
	500,000	Series 10AR-BR		2.38%	#^		04/15/2022		500,604
	500,000	Series 12A-DR		4.33%	#^		10/19/2022		495,316
	500,000	Series 14A-D		4.18%	#^		07/15/2025		490,296
	250,000	Series 16A-D		4.28%	#^		07/15/2026		242,644
		Limerock Ltd.,
	250,000	Series 2007-1A-B		1.34%	#^		04/24/2023		247,046
		Madison Park Funding Ltd.,
	869,814	Series 2007-4A-A2		1.10%	#^		03/22/2021		858,102
	1,000,000	Series 2007-6A-C		1.72%	#^		07/26/2021		962,857
	250,000	Series 2014-13A-D		4.04%	#^		01/19/2025		244,723
	250,000	Series 2014-13X-E		5.69%	#		01/19/2025		224,381
	750,000	Series 2014-14A-D		4.30%	#^		07/20/2026		744,136
	500,000	Series 2014-15A-C		4.43%	#^		01/27/2026		497,933
	500,000	Series 2015-16A-B		3.70%	#^		04/20/2026		501,905
	500,000	Series 2015-18A-D2		4.65%	#^		10/21/2026		501,833
		Magnetite Ltd.,
	250,000	Series 2014-9A-B		3.71%	#^		07/25/2026		252,408
		Ocean Trails,
	250,000	Series 2006-1A-A2		1.12%	#^		10/12/2020		246,954
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-C		4.47%	#^		11/14/2026		487,420
	500,000	Series 2014-1A-C2		4.20%	#^		11/25/2025		501,109
	250,000	Series 2014-1A-D		7.42%	#^		11/14/2026		238,158
	500,000	Series 2014-1A-D2		5.28%	#^		11/25/2025		502,720
		OZLM Funding Ltd.,
	500,000	Series 2013-5A-A1		2.18%	#^		01/17/2026		500,605
		Palmer Square Ltd.,
	1,000,000	Series 2013-2A-A1B		3.12%	^		10/17/2025		1,003,248
		Pinnacle Park Ltd.,
	250,000	Series 2014-1A-C		3.78%	#^		04/15/2026		250,190
		Race Point Ltd.,
	250,000	Series 2012-6RA-CR		3.94%	#^		05/24/2023		253,843
	250,000	Series 2012-6RA-DR		4.94%	#^		05/24/2023		250,147
		Sound Harbor Loan Fund Ltd.,
	1,000,000	Series 2014-1A-A1		2.26%	#^		10/30/2026		1,001,199
		Symphony Ltd.,
	500,000	Series 2013-11A-C		3.83%	#^		01/17/2025		500,444
	500,000	Series 2014-14A-D2		4.27%	#^		07/14/2026		492,518

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 85

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		TCI Symphony Ltd.,
	1,000,000	Series 2016-1A-D		4.72%	#^		10/13/2029		993,610
		Thacher Park Ltd.,
	500,000	Series 2014-1A-D1		4.23%	#^		10/20/2026		485,807
		Venture Ltd.,
	1,000,000	Series 2006-1A-B		1.40%	#^		08/03/2020		959,532
	500,000	Series 2013-15A-C		3.78%	#^		07/15/2025		500,665
	500,000	Series 2014-17A-C		3.53%	#^		07/15/2026		494,688
	1,000,000	Series 2016-23A-B		2.95%	#^		07/19/2028		999,788
		Washington Mill Ltd.,
	250,000	Series 2014-1A-C		3.70%	#^		04/20/2026		250,920
		Westcott Park Ltd.,
	1,000,000	Series 2016-1A-D		5.05%	#^		07/20/2028		1,004,875
		Wind River Ltd.,
	1,000,000	Series 2012-1A-DR		4.95%	#^		01/15/2026		1,000,000
	1,000,000	Series 2014-1A-A		2.20%	#^		04/18/2026		1,001,856
	500,000	Series 2016-1A-B		3.92%	#^		07/15/2028		503,581
	500,000	Series 2016-1A-C		3.07%	#^		07/15/2028		499,647
		Total Collateralized Loan Obligations (Cost $50,743,738)							50,544,384
	FOREIGN CORPORATE BONDS 14.0%
	600,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		645,000
	200,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		215,000
	1,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		1,014,095
	500,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		542,500
	200,000	Aeropuerto Internacional de Tocumen S.A.		5.63%			05/18/2036		212,000
	200,000	Aeropuertos Dominicanos		9.75%			11/13/2019		210,600
	500,000	AES Andres B.V.		7.95%	^		05/11/2026		534,375
	200,000	AES El Salvador Trust		6.75%			03/28/2023		190,000
	500,000	Agromercantil Senior Trust		6.25%			04/10/2019		522,500
	200,000	Alcoa Nederland Holding BV		6.75%	^		09/30/2024		208,250
	200,000	Avianca Holdings S.A.		8.38%			05/10/2020		191,500
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		191,500
	400,000	Axiata SPV2 BHD		3.47%			11/19/2020		420,328
	200,000	Banco Continental SAECA		8.88%			10/15/2017		201,000
	300,000	Banco de Bogota S.A.		5.38%			02/19/2023		310,875
	800,000	Banco de Costa Rica		5.25%			08/12/2018		824,000
	200,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		207,000
	200,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		207,000
	200,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		173,740
	300,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		300,270
	200,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		215,250
	400,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		410,000
	500,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		486,100
	600,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		618,300
	400,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		417,500

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	350,000	Banco Regional SAECA		8.13%			01/24/2019		378,000
	200,000	Banco Santander		4.13%			11/09/2022		206,500
	700,000	Banco Santander		5.95%	#		01/30/2024		737,415
	400,000	Bancolombia S.A.		6.13%			07/26/2020		433,000
	400,000	BBVA Bancomer S.A.		6.50%			03/10/2021		438,500
	200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		201,454
	400,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		405,000
	100,000	Camposol S.A.		10.50%	^		07/15/2021		92,000
	500,000	Cementos Progreso Trust		7.13%			11/06/2023		533,750
	200,000	Central American Bottling Corporation		6.75%			02/09/2022		210,000
	400,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		345,000
	1,000,000	CNOOC Finance Ltd.		2.63%			05/05/2020		1,020,804
	200,000	CNOOC Finance Ltd.		4.25%			01/26/2021		216,567
	500,000	CNPC General Capital Ltd.		2.75%			05/14/2019		511,847
	300,000	Colbun S.A.		6.00%			01/21/2020		336,156
	200,000	Comcel Trust		6.88%			02/06/2024		206,640
	500,000	CorpGroup Banking S.A.		6.75%			03/15/2023		484,375
	200,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		207,500
	500,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		503,750
	400,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		402,000
	600,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		633,750
	300,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		319,875
	200,000	Digicel Ltd.		8.25%			09/30/2020		174,750
	600,000	Digicel Ltd.		7.13%			04/01/2022		464,820
	200,000	Eldorado International Finance GMBH		8.63%	^		06/16/2021		165,000
	1,000,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		1,035,000
	800,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		788,663
	400,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		384,373
	200,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		227,250
	825,755	ENA Norte Trust		4.95%			04/25/2023		862,914
	800,000	Export-Import Bank of India		3.13%			07/20/2021		826,637
	241,727	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		248,979
	193,382	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		199,183
	400,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		413,800
	400,000	Global Bank Corporation		4.75%			10/05/2017		412,620
	200,000	Global Bank Corporation		5.13%	^		10/30/2019		210,500
	400,000	Global Bank Corporation		5.13%			10/30/2019		421,000
	400,000	Grupo Aval Ltd.		4.75%			09/26/2022		396,800
	200,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		212,000
	500,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		501,250
	400,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		402,000
	200,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		208,000
	400,000	GrupoSura Finance S.A.		5.70%			05/18/2021		437,000
	652,897	Guanay Finance Ltd.		6.00%			12/15/2020		670,035
	500,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		511,250
	700,000	Industrial Senior Trust		5.50%			11/01/2022		696,500
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		208,300
	200,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		213,000
	150,000	Intelsat Jackson Holdings S.A.	��	5.50%			08/01/2023		104,625

86 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	70,000	Intelsat Jackson Holdings S.A.		8.00%	^		02/15/2024		70,525
	300,000	IOI Investment BHD		4.38%			06/27/2022		318,635
	1,200,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		1,270,800
	80,000	Kronos Acquisition Holdings, Inc.		9.00%	^		08/15/2023		82,850
	300,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		309,000
	155,000	Lundin Mining Corporation		7.50%	^		11/01/2020		165,462
	200,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		166,000
	800,000	Malayan Banking BHD		3.25%	#		09/20/2022		808,610
	400,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		410,800
	380,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		385,700
	200,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		203,000
	100,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		107,500
	175,000	NXP Funding LLC		4.13%	^		06/01/2021		187,906
	85,000	NXP Funding LLC		3.88%	^		09/01/2022		89,250
	200,000	OAS Financial Ltd.		8.88%	#†W		04/29/2049		10,000
	500,000	ONGC Videsh Ltd.		3.25%			07/15/2019		514,250
	900,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		940,950
	200,000	Pacific Rubiales Energy Corporation		5.13%	W		03/28/2023		38,000
	100,000	Pacific Rubiales Energy Corporation		5.63%	W		01/19/2025		19,000
	200,000	Pacific Rubiales Energy Corporation		5.63%	^W		01/19/2025		38,000
	1,050,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		878,325
	400,000	Petroleos Mexicanos		3.50%			07/18/2018		410,200
	100,000	Petroleos Mexicanos		5.50%			02/04/2019		105,700
	800,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		819,068
	500,000	Reliance Holdings, Inc.		4.50%			10/19/2020		540,932
	500,000	Reliance Holdings, Inc.		5.40%			02/14/2022		564,014
	500,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		509,253
	200,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		195,500
	500,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		506,250
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		208,000
	300,000	Tencent Holdings Ltd.		3.38%			05/02/2019		310,948
	200,000	Tencent Holdings Ltd.		2.88%			02/11/2020		205,511
	200,000	Tenedora Nemak S.A. de C.V.		5.50%			02/28/2023		204,800
	400,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		336,500
	400,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		295,000
	800,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		830,264
	200,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		206,427
	400,000	VTR Finance B.V.		6.88%			01/15/2024		415,000
		Total Foreign Corporate Bonds (Cost $43,720,204)							43,366,745

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 1.6%
	800,000	Costa Rica Government International Bond		10.00%			08/01/2020		974,000
	360,682	Dominican Republic International Bond		9.04%			01/23/2018		378,717
	500,000	Hungary Government International Bond		4.00%			03/25/2019		525,190
	900,000	Panama Government International Bond		5.20%			01/30/2020		996,750
	800,000	Poland Government International Bond		5.13%			04/21/2021		905,578
	1,200,000	Qatar Government International Bond		2.38%			06/02/2021		1,211,336
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $4,975,326)							4,991,571
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 11.7%
		Banc of America Commercial Mortgage Trust,
	150,000	Series 2006-6-AM		5.39%			10/10/2045		150,019
	100,000	Series 2007-5-AM		5.77%	#		02/10/2051		102,566
		Bear Stearns Commercial Mortgage Securities Trust,
	567,778	Series 2007-PWR17-A4		5.69%	#		06/11/2050		583,473
		Bear Stearns Commercial Mortgage Securities, Inc.,
	22,429	Series 2006-PW13-AJ		5.61%	#		09/11/2041		22,420
	485,098	Series 2007-PW18-A4		5.70%			06/11/2050		499,744
	250,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		241,201
		BXHTL Mortgage Trust,
	550,000	Series 2015-JWRZ-A		1.76%	#^		05/15/2029		551,536
		CD Commercial Mortgage Trust,
	522,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		527,026
		CGBAM Commercial Mortgage Trust,
	100,000	Series 2014-HD-D		2.52%	#^		02/15/2031		97,613
		Citigroup Commercial Mortgage Trust,
	412,000	Series 2007-C6-AM		5.90%	#		12/10/2049		418,637
	210,000	Series 2007-C6-AMFX		5.90%	#^		12/10/2049		213,383
	100,000	Series 2014-GC21-D		5.00%	#^		05/10/2047		84,052
	1,866,086	Series 2014-GC25-XA		1.23%	# I/O		10/10/2047		125,372
	200,000	Series 2015-GC27-D		4.58%	#^		02/10/2048		163,520
	3,335,219	Series 2016-P4-XA		2.18%	# I/O		07/10/2049		481,602
		COBALT Commercial Mortgage Trust,
	150,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		150,074
	100,000	Series 2007-C3-AM		5.95%	#		05/15/2046		102,136
		Commercial Mortgage Pass-Through Certificates,
	3,145,155	Series 2013-CR10-XA		1.10%	# I/O		08/10/2046		123,466
	1,320,834	Series 2014-CR17-XA		1.33%	# I/O		05/10/2047		76,118
	100,000	Series 2014-CR19-C		4.88%	#		08/10/2047		104,686
	1,462,511	Series 2014-CR19-XA		1.43%	# I/O		08/10/2047		91,622
	125,000	Series 2014-CR20-C		4.66%	#		11/10/2047		130,175
	375,000	Series 2015-CR22-D		4.26%	#^		03/10/2048		307,764
	300,000	Series 2015-CR23-D		4.40%	#		05/10/2048		231,582
	2,477,279	Series 2015-DC1-XA		1.32%	# I/O		02/10/2048		163,076
	815,000	Series 2015-LC21-C		4.46%	#		07/10/2048		773,068
	406,000	Series 2015-LC23-C		4.80%	#		10/10/2053		424,588
	3,633,363	Series 2016-DC2-XA		1.24%	# I/O		02/10/2049		267,126
		Countrywide Commercial Mortgage Trust,
	163,726	Series 2007-MF1-A		6.30%	#^		11/12/2043		166,610
		Credit Suisse Mortgage Capital Certificates,
	100,000	Series 2007-C2-AM		5.62%	#		01/15/2049		101,116
	551,000	Series 2007-C4-A1AM		6.13%	#		09/15/2039		566,159
	277,082	Series 2007-C5-A4		5.70%	#		09/15/2040		283,495
	2,018,458	Series 2014-USA-X1		0.70%	# ^ I/O		09/15/2037		82,698
	875,000	Series 2015-SAND-D		3.37%	#^		08/15/2030		861,383
		CSAIL Commercial Mortgage Trust,
	2,725,373	Series 2015-C1-XA		1.11%	# I/O		04/15/2050		158,585
		FORT CRE LLC,
	536,000	Series 2016-1A-B		3.29%	#^		05/21/2036		535,697

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 87

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GE Capital Commercial Mortgage Corporation Trust,
	336,329	Series 2006-C1		5.49%	#		03/10/2044		339,889
		GE Commercial Mortgage Corporation Trust,
	399,200	Series 2007-C1-AM		5.61%	#		12/10/2049		395,779
		Grace Mortgage Trust,
	100,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		106,594
		Greenwich Capital Commercial Funding Corporation,
	300,000	Series 2007-GG11-AJ		6.24%	#		12/10/2049		300,335
	150,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		154,853
	200,000	Series 2007-GG9-AM		5.48%			03/10/2039		201,666
	175,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		176,331
		GS Mortgage Securities Corporation,
	347,994	Series 2007-GG10-A4		5.99%	#		08/10/2045		353,671
	3,173,010	Series 2013-GC10-XA		1.75%	# I/O		02/10/2046		241,452
	4,124,258	Series 2014-GC20-XA		1.33%	# I/O		04/10/2047		246,509
	9,182,625	Series 2014-GC24-XA		1.00%	# I/O		09/10/2047		446,537
	7,463,707	Series 2015-GS1-XA		0.99%	# I/O		11/10/2048		444,809
	7,417,575	Series 2016-GS2-XA		1.82%	# I/O		05/10/2049		855,933
		JP Morgan Chase Commercial Mortgage Securities  Corporation,
	19,036	Series 2006-LDP8-AJ		5.48%	#		05/15/2045		19,106
	348,533	Series 2006-LDP9-AM		5.37%			05/15/2047		349,632
	385,000	Series 2007-CB20-AJ		6.29%	#		02/12/2051		385,176
	150,000	Series 2007-CB20-AM		6.09%	#		02/12/2051		155,390
	550,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		555,190
	631,000	Series 2007-CIBC19-AM		5.88%	#		02/12/2049		641,999
	475,000	Series 2007-LD12-AM		6.21%	#		02/15/2051		488,193
	100,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		103,309
	150,000	Series 2014-PHH-D		2.92%	#^		08/15/2027		149,130
	550,000	Series 2015-CSMO-C		2.77%	#^		01/15/2032		549,232
		JP Morgan Chase Commercial Mortgage Securities  Trust,
	543,000	Series 2007-LD11-AM		5.94%	#		06/15/2049		546,925
	543,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		536,173
		JPMBB Commercial Mortgage Securities Trust,
	2,161,335	Series 2014-C18-XA		1.25%	# I/O		02/15/2047		108,630
	1,230,683	Series 2014-C21-XA		1.25%	# I/O		08/15/2047		78,148
	100,000	Series 2014-C23-C		4.61%	#		09/15/2047		105,432
	150,000	Series 2014-C25-C		4.60%	#		11/15/2047		155,711
	425,000	Series 2014-C26-C		4.57%	#		01/15/2048		437,348
	6,926,589	Series 2015-C29-XA		1.09%	# I/O		05/15/2048		301,988
	5,740,249	Series 2015-C31-XA		1.17%	# I/O		08/15/2048		356,690
	470,000	Series 2015-C33-C		4.77%	#		12/15/2048		494,788
		LB-UBS Commercial Mortgage Trust,
	845,000	Series 2007-C1-AJ		5.48%			02/15/2040		847,116
	100,000	Series 2007-C1-AM		5.46%			02/15/2040		100,785
	550,000	Series 2007-C2-AM		5.49%	#		02/15/2040		558,888
		LSTAR Commercial Mortgage Trust,
	4,611,547	Series 2016-4-XA		2.11%	#^ I/O		03/10/2049		443,559
		Merrill Lynch Mortgage Trust,
	542,000	Series 2007-C1-AM		6.01%	#		06/12/2050		524,692
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	14,217	Series 2006-2-AJ		5.95%	#		06/12/2046		14,213
		Morgan Stanley Bank of America Merrill Lynch Trust,
	100,000	Series 2014-C18-C		4.64%	#		10/15/2047		105,349
	500,000	Series 2014-C19-C		4.00%			12/15/2047		482,752
	500,000	Series 2015-C20-C		4.61%	#		02/15/2048		487,182
	180,000	Series 2015-C21-C		4.30%	#		03/15/2048		184,002
	360,000	Series 2015-C23-C		4.27%	#		07/15/2050		361,302
	550,000	Series 2015-C26-D		3.06%	^		10/15/2048		399,548
	274,000	Series 2015-C27-C		4.69%	#		12/15/2047		277,910
		Morgan Stanley Capital, Inc.,
	87,269	Series 2006-HQ8-AJ		5.59%	#		03/12/2044		87,697
	200,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		197,430
	616,000	Series 2007-IQ16-AM		6.25%	#		12/12/2049		638,521
	150,000	Series 2014-MP-D		3.82%	#^		08/11/2029		151,837
		Wachovia Bank Commercial Mortgage Trust,
	1,252,000	Series 2006-C26-AM		6.29%	#		06/15/2045		1,260,941
	511,000	Series 2006-C27-AJ		5.83%	#		07/15/2045		512,903
	360,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		358,963

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wachovia Bank Commercial Mortgage Trust, (Cont.)
	443,000	Series 2006-C29-AM		5.34%			11/15/2048		444,372
	430,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		430,876
	600,000	Series 2007-C30-AM		5.38%			12/15/2043		605,427
	150,000	Series 2007-C31-AM		5.59%	#		04/15/2047		152,032
	518,000	Series 2007-C32-A3		5.89%	#		06/15/2049		526,603
	485,000	Series 2007-C33-AJ		6.16%	#		02/15/2051		486,245
	407,000	Series 2007-C33-AM		6.16%	#		02/15/2051		415,498
		Wells Fargo Commercial Mortgage Trust,
	500,000	Series 2014-LC16-D		3.94%	^		08/15/2050		410,315
	200,000	Series 2015-C27-C		3.89%			02/15/2048		185,466
	400,000	Series 2015-C28-C		4.27%	#		05/15/2048		377,974
	540,000	Series 2015-C31-C		4.77%	#		11/15/2048		565,779
	5,962,950	Series 2015-C31-XA		1.27%	# I/O		11/15/2048		444,419
	2,719,885	Series 2015-NXS1-XA		1.33%	# I/O		05/15/2048		187,565
	8,929,527	Series 2015-NXS2-XA		0.94%	# I/O		07/15/2058		416,050
	411,000	Series 2015-NXS4-C		4.76%	#		12/15/2048		430,853
	2,782,714	Series 2016-C33-XA		1.98%	# I/O		03/15/2059		330,780
		WF-RBS Commercial Mortgage Trust,
	4,156,966	Series 2014-C21-XA		1.32%	# I/O		08/15/2047		262,694
	2,530,893	Series 2014-C24-XA		1.12%	# I/O		11/15/2047		141,042
	5,075,000	Series 2016-NXS6-XA		1.81%	#		11/15/2049		563,741
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $36,748,342)							36,119,257
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 19.9%
		Ajax Mortgage Loan Trust,
	4,760,721	Series 2016-1-A		4.25%	#^		07/25/2047		4,774,474
		Banc of America Funding Corporation,
	750,000	Series 2005-B-3M1		0.98%	#		04/20/2035		621,713
		Bayview Opportunity Master Fund Trust,
	3,551,251	Series 2016-RPL2-A1		3.84%	#^		06/28/2031		3,556,810
	3,969,456	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		3,980,228
		Bear Stearns Alt-A Trust,
	2,004,129	Series 2006-4-22A1		3.15%	#		08/25/2036		1,653,691
		CAM Mortgage LLC,
	288,247	Series 2015-1-A		3.50%	#^		07/15/2064		288,961
		Citigroup Mortgage Loan Trust, Inc.,
	6,111,577	Series 2006-AMC1-A1		0.67%	#^		09/25/2036		5,426,502
		CitiMortgage Alternative Loan Trust,
	2,181,888	Series 2007-A5-1A10		5.75%			05/25/2037		2,015,437
		Countrywide Alternative Loan Trust,
	842,720	Series 2005-75CB-A3		5.50%			01/25/2036		761,129
	943,930	Series 2006-23CB-2A2		6.50%			08/25/2036		650,550
	723,493	Series 2007-15CB-A7		6.00%			07/25/2037		650,160
	964,506	Series 2008-1R-2A3		6.00%			08/25/2037		804,119
		Countrywide Home Loans,
	941,047	Series 2005-HYB9-3A2A		3.31%	#		02/20/2036		828,472
	615,094	Series 2007-14-A15		6.50%			09/25/2037		564,163
	1,695,326	Series 2007-HY1-1A1		3.03%	#		04/25/2037		1,545,846
		Credit Suisse First Boston Mortgage Backed Trust,
	515,303	Series 2006-2-A5A		6.08%	#		09/25/2036		351,234
		Credit Suisse First Boston Mortgage Securities  Corporation,
	1,050,694	Series 2005-10-6A9		5.50%			11/25/2035		881,646
	577,875	Series 2005-9-5A9		5.50%			10/25/2035		505,419
		Credit Suisse Mortgage Capital Certificates,
	1,500,000	Series 2011-12R-3A5		2.60%	#^		07/27/2036		1,229,891
	402,000	Series 2011-5R-6A9		3.06%	#^		11/27/2037		366,367
	3,647,623	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		3,602,323
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	622,188	Series 2006-AB4-A1A		6.01%	#		10/25/2036		529,502
		Deutsche Mortgage & Asset Receiving Corporation,
	246,879	Series 2014-RS1-1A2		7.91%	#^		07/27/2037		183,053

88 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Impac Secured Assets Trust,
	1,128,048	Series 2006-5-1A1C		0.80%	#		02/25/2037		832,302
		IndyMac Mortgage Loan Trust,
	4,250,166	Series 2006-AR19-2A1		3.15%	#		08/25/2036		3,490,623
		JP Morgan Mortgage Trust,
	879,927	Series 2005-S3-1A2		5.75%			01/25/2036		748,561
	1,555,217	Series 2007-A2-4A1M		4.50%	#		04/25/2037		1,377,651
		Lehman Mortgage Trust,
	272,270	Series 2006-1-1A3		5.50%			02/25/2036		226,046
		MASTR Adjustable Rate Mortgages Trust,
	349,573	Series 2006-2-2A1		3.03%	#		04/25/2036		323,865
		Merrill Lynch Alternative Note Asset Trust,
	524,452	Series 2007-F1-2A7		6.00%			03/25/2037		410,938
		Merrill Lynch Mortgage Investors Trust,
	1,125,831	Series 2006-AF1-AF2C		6.25%			08/25/2036		910,630
		Morgan Stanley Mortgage Loan Trust,
	226,722	Series 2005-7-4A1		5.50%			11/25/2035		212,306
	220,611	Series 2006-2-2A4		5.75%			02/25/2036		210,212
	724,541	Series 2006-2-7A1		5.51%	#		02/25/2036		657,572
	802,281	Series 2007-8XS-A1		5.75%	#		04/25/2037		535,336
		Nationstar HECM Loan Trust,
	2,500,000	Series 2016-2A-M1		3.60%	^		06/25/2026		2,532,670
		Residential Accredit Loans, Inc.,
	414,676	Series 2006-QS10-A9		6.50%			08/25/2036		356,531
	869,656	Series 2006-QS12-2A3		6.00%			09/25/2036		722,975
		Residential Asset Securitization Trust,
	554,941	Series 2006-A2-A11		6.00%			01/25/2046		439,125
		Springleaf Mortgage Loan Trust,
	750,000	Series 2013-1A-B2		6.00%	#^		06/25/2058		758,416
	750,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		758,416
		Towd Point Mortgage Trust,
	3,186,164	Series 2015-2-1A13		2.50%	#^		11/25/2060		3,207,839
		VOLT LLC,
	1,582,149	Series 2015-NPL3-A1		3.38%	#^		10/25/2058		1,582,957
		Washington Mutual Mortgage Pass-Through Certificates,
	1,393,183	Series 2006-2-4CB		6.00%			03/25/2036		1,328,858
		Wells Fargo Alternative Loan Trust,
	1,328,391	Series 2007-PA5-1A1		6.25%			11/25/2037		1,280,280
		Wells Fargo Mortgage Backed Securities Trust,
	285,385	Series 2007-2-1A15		5.75%			03/25/2037		278,899
	160,790	Series 2007-3-1A4		6.00%			04/25/2037		160,975
		WinWater Mortgage Loan Trust,
	2,343,763	Series 2016-1-2A3		3.00%	#^		12/20/2030		2,412,302
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $62,707,728)							61,527,975
	US CORPORATE BONDS 5.0%
	215,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		224,333
	280,000	Air Medical Merger Sub Corporation		6.38%	^		05/15/2023		272,300
	170,000	Albertson’s Holdings LLC		5.75%	^		03/15/2025		170,000
	85,000	Allison Transmission, Inc.		5.00%	^		10/01/2024		87,159
	240,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		254,700
	185,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		194,712
	110,000	Asbury Automotive Group, Inc.		6.00%			12/15/2024		113,850
	240,000	Ashland, Inc.		4.75%			08/15/2022		250,500
	175,000	Berry Plastics Corporation		5.50%			05/15/2022		182,000
	97,000	Builders FirstSource, Inc.		5.63%	^		09/01/2024		99,910
	65,000	Calpine Corporation		5.75%			01/15/2025		64,431
	135,000	CCO Holdings LLC		5.25%			09/30/2022		141,412

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	65,000	CCO Holdings LLC		5.13%	^		05/01/2023		68,006
	85,000	Cengage Learning, Inc.		9.50%	^		06/15/2024		86,700
	245,000	Centene Corporation		5.63%			02/15/2021		260,925
	235,000	Cequel Communications Holdings LLC		6.38%	^		09/15/2020		242,931
	260,000	CommScope, Inc.		5.00%	^		06/15/2021		270,075
	110,000	CSC Holdings LLC		5.25%			06/01/2024		104,775
	85,000	CSC Holdings LLC		5.50%	^		04/15/2027		87,125
	135,000	Dana Holding Corporation		5.50%			12/15/2024		138,037
	170,000	Diamond 1 Finance Corporation		7.13%	^		06/15/2024		187,082
	65,000	Dollar Tree, Inc.		5.75%			03/01/2023		70,281
	90,000	Double Eagle Acquisition		7.50%	^		10/01/2024		91,912
	120,000	Embarq Corporation		8.00%			06/01/2036		121,738
	40,000	Energy Gulf Coast, Inc.		9.25%	W		12/15/2017		4,000
	15,000	Energy Gulf Coast, Inc.		11.00%	^W		03/15/2020		6,075
	35,000	Energy Gulf Coast, Inc.		7.50%	W		12/15/2021		3,500
	85,000	Energy Partners Ltd.		8.25%	W		02/15/2018		12,112
	215,000	Energy Transfer Equity LP		5.50%			06/01/2027		215,000
	225,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		237,375
	165,000	Equinix Inc.		5.88%			01/15/2026		177,787
	260,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		260,975
	75,000	Extraction Oil & Gas Holdings LLC		7.88%	^		07/15/2021		78,187
	125,000	First Data Corporation		7.00%	^		12/01/2023		132,500
	135,000	First Data Corporation		5.75%	^		01/15/2024		139,219
	220,000	Gannett Company, Inc.		4.88%	^		09/15/2021		229,350
	180,000	Gates Global LLC		6.00%	^		07/15/2022		171,900
	80,000	GLP Capital LP		5.38%			04/15/2026		86,200
	245,000	Goodyear Tire & Rubber Company		5.13%			11/15/2023		256,025
	135,000	Gray Television, Inc.		7.50%			10/01/2020		140,206
	100,000	Gray Television, Inc.		5.13%	^		10/15/2024		98,375
	130,000	Gray Television, Inc.		5.88%	^		07/15/2026		131,300
	120,000	HCA, Inc.		5.88%			02/15/2026		128,100
	240,000	HD Supply, Inc.		7.50%			07/15/2020		249,300
	80,000	Hilton Domestic Operating Company, Inc.		4.25%	^		09/01/2024		82,000
	165,000	Infor US, Inc.		6.50%			05/15/2022		167,887
	130,000	JBS LLC		5.75%	^		06/15/2025		128,375
	235,000	Level 3 Communications, Inc.		5.75%			12/01/2022		246,162
	155,000	Levi Strauss & Company		5.00%			05/01/2025		162,363
	300,000	Memorial Production Partners LP		6.88%			08/01/2022		146,250
	50,000	MGM Growth Properties Operating Partnership LP		5.63%	^		05/01/2024		54,360
	225,000	MGM Resorts International		4.63%			09/01/2026		220,500
	30,000	Microsemi Corporation		9.13%	^		04/15/2023		34,350
	245,000	Milacron LLC		7.75%	^		02/15/2021		256,025
	200,000	MPH Acquisition Holdings LLC		7.13%	^		06/01/2024		215,500
	260,000	NCL Corporation Ltd.		5.25%	^		11/15/2019		263,900
	110,000	Nexstar Escrow Corporation		5.63%	^		08/01/2024		111,100
	110,000	Novelis Corporation		6.25%	^		08/15/2024		117,150
	50,000	Novelis Corporation		5.88%	^		09/30/2026		51,313
	165,000	NRG Energy, Inc.		7.25%	^		05/15/2026		168,713
	90,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		85,725
	140,000	Open Text Corporation		5.88%	^		06/01/2026		146,825
	55,000	PDC Energy, Inc.		6.13%	^		09/15/2024		57,338
	245,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		253,575
	160,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		166,800
	85,000	Post Holdings, Inc.		5.00%	^		08/15/2026		84,788
	125,000	PQ Corporation		6.75%	^		11/15/2022		132,813
	235,000	Prime Security Services Borrower LLC		9.25%	^		05/15/2023		256,738
	170,000	Quintiles Transnational Corporation		4.88%	^		05/15/2023		175,525

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 89

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	85,000	RegionalCare Hospital Partners Holdings, Inc.		8.25%	^		05/01/2023		87,975
	139,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		142,475
	55,000	Revlon Consumer Products Corporation		6.25%	^		08/01/2024		56,925
	225,000	Reynolds Group Issuer LLC		8.25%			02/15/2021		234,774
	170,000	Rite Aid Corporation		6.13%	^		04/01/2023		183,813
	170,000	Sabre GLBL, Inc.		5.25%	^		11/15/2023		173,825
	241,000	Sally Holdings LLC		5.75%			06/01/2022		252,448
	110,000	Sanchez Energy Corporation		6.13%			01/15/2023		88,825
	35,000	SandRidge Energy, Inc.		8.75%	^W		06/01/2020		12,688
	230,000	SBA Communications Corporation		5.63%			10/01/2019		236,470
	250,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		265,625
	260,000	Select Medical Corporation		6.38%			06/01/2021		257,075
	155,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		157,713
	205,000	Sinclair Television Group, Inc.		5.63%	^		08/01/2024		210,125
	250,000	Sirius XM Radio Inc.		5.38%	^		07/15/2026		257,500
	120,000	Solera Finance, Inc.		10.50%	^		03/01/2024		134,400
	250,000	Spectrum Brands, Inc.		5.75%			07/15/2025		271,250
	145,000	Station Casinos LLC		7.50%			03/01/2021		153,510
	175,000	Targa Resources Partners Finance Corporation		5.38%	^		02/01/2027		176,531
	115,000	Team Health, Inc.		7.25%	^		12/15/2023		124,056
	270,000	Tenet Healthcare Corporation		6.75%			06/15/2023		251,775
	225,000	Terex Corporation		6.00%			05/15/2021		230,906
	270,000	TransDigm, Inc.		6.00%			07/15/2022		286,200
	81,000	TreeHouse Foods, Inc.		6.00%	^		02/15/2024		87,581
	195,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		200,850
	120,000	Vizient, Inc.		10.38%	^		03/01/2024		138,000
	75,000	Western Digital Corporation		7.38%	^		04/01/2023		82,500
	225,000	Williams Partners LP		4.88%			03/15/2024		227,764
	200,000	WMG Acquisition Corporation		6.75%	^		04/15/2022		213,000
		Total US Corporate Bonds (Cost $15,307,174)							15,525,034
	US GOVERNMENT AND AGENCY OBLIGATIONS 6.5%
	19,596,448	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2021		20,023,788
		Total US Government and Agency Obligations (Cost $19,988,091)							20,023,788
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 1.5%
		Federal Home Loan Mortgage Corporation,
	5,230,812	Series 3926-HS		5.93%	# I/F I/O		09/15/2041		886,975
	778,021	Series 4390-NY		3.00%			06/15/2040		806,744
	855,655	Series 4471-GA		3.00%			02/15/2044		887,850
		Federal Home Loan Mortgage Corporation Pass-Thru,
	6,481,202	Series K722-X1		1.31%	# I/O		03/25/2023		452,739
		Federal National Mortgage Association,
	1,623,601	Series 2015-59-A		3.00%			06/25/2041		1,663,889
		Total US Government / Agency Mortgage Backed Obligations (Cost $4,754,639)							4,698,197

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	AFFILIATED MUTUAL FUNDS 11.1%
	2,926,708	DoubleLine Floating Rate Fund (Class I)						28,915,873
	526,692	DoubleLine Global Bond Fund (Class I)						5,625,073
		Total Affiliated Mutual Funds (Cost $34,990,387)						34,540,946
	SHORT TERM INVESTMENTS 11.5%
	11,869,998	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨			11,869,998
	11,869,999	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨			11,869,999
	11,869,998	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨			11,869,998
		Total Short Term Investments (Cost $35,609,995)						35,609,995
		Total Investments 100.8% (Cost $314,749,627)						312,124,092
		Liabilities in Excess of Other Assets (0.8)%						(2,620,776	)
		NET ASSETS 100.0%					$	309,503,316

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	19.9%
Collateralized Loan Obligations	16.3%
Foreign Corporate Bonds	14.0%
Non-Agency Commercial Mortgage Backed Obligations	11.7%
Short Term Investments	11.5%
Affiliated Mutual Funds	11.1%
US Government and Agency Obligations	6.5%
US Corporate Bonds	5.0%
Asset Backed Obligations	1.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.6%
US Government / Agency Mortgage Backed Obligations	1.5%
Other Assets and Liabilities	(0.8)%
	100.0%

90 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	19.9%
Collateralized Loan Obligations	16.3%
Non-Agency Commercial Mortgage Backed Obligations	11.7%
Short Term Investments	11.5%
Affiliated Mutual Funds	11.1%
US Government and Agency Obligations	6.5%
Banking	4.4%
Oil & Gas	2.4%
Utilities	2.0%
Transportation	1.8%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.6%
Asset Backed Obligations	1.7%
US Government / Agency Mortgage Backed Obligations	1.5%
Telecommunications	0.9%
Consumer Products	0.8%
Finance	0.7%
Media	0.6%
Building and Development (including Steel/Metals)	0.6%
Retailers (other than Food/Drug)	0.6%
Healthcare	0.5%
Leisure	0.4%
Hotels/Motels/Inns and Casinos	0.4%
Industrial Equipment	0.3%
Conglomerates	0.3%
Automotive	0.3%
Containers and Glass Products	0.2%
Chemicals/Plastics	0.2%
Technology	0.2%
Electronics/Electric	0.2%
Mining	0.2%
Real Estate	0.2%
Financial Intermediaries	0.1%
Food Products	0.1%
Health Care Providers & Services	0.1%
Business Equipment and Services	0.1%
Aerospace & Defense	0.1%
Beverage and Tobacco	0.1%
Food/Drug Retailers	0.1%
Energy	0.1%
Pulp & Paper	0.0%	~
Construction	0.0%	~
Other Assets and Liabilities	(0.8)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	85.2%
Mexico	2.0%
Panama	1.3%
Chile	1.3%
Colombia	1.2%
India	1.1%
Costa Rica	1.0%
China	0.9%
Peru	0.9%
Malaysia	0.8%
Brazil	0.8%
Israel	0.7%
Guatemala	0.7%
Singapore	0.6%
Dominican Republic	0.5%
Qatar	0.4%
Poland	0.3%
Paraguay	0.2%
Jamaica	0.2%
Hungary	0.2%
Hong Kong	0.2%
Netherlands	0.1%
Canada	0.1%
El Salvador	0.1%
Luxembourg	0.0%	~
Trinidad & Tobago	0.0%	~
Other Assets and Liabilities	(0.8)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $111,997,525 or 36.2% of net assets.

¥ Illiquid security. At September 30, 2016, the value of these securities amounted to $995,049 or 0.3% of net assets.

# Variable rate security. Rate disclosed as of September 30, 2016.

† Perpetual Maturity

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

¨ Seven-day yield as of September 30, 2016

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2016 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at September 30, 2016		Value at September 30, 2016		Dividend Income Earned in the Period Ended September 30, 2016		Net Realized Gain (Loss) in the Period Ended September 30, 2016
DoubleLine Floating Rate Fund	$	21,755,488	$	6,900,000	$	—		2,926,708	$	28,915,873	$	465,103	$	—
DoubleLine Global Bond Fund		—		5,550,000		—		526,692		5,625,073		13,991		—
	$	21,755,488	$	12,450,000	$	—		3,453,400	$	34,540,946	$	479,094	$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 91

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 85.4%
	BRAZIL 2.9%
	3,000,000	Cosan Overseas Ltd.		8.25%	†��		11/29/2049		3,022,500
	100,000	Globo Communicacao e Participacoes S.A.		5.31%	#^		05/11/2022		101,750
	4,400,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		4,477,000
	1,900,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		1,928,500
	1,000,000	OAS Investments GMBH		8.25%	W		10/19/2019		55,000
									9,584,750
	CHILE 6.8%
	3,000,000	Banco Santander		1.56%	#		04/11/2017		3,006,150
	2,000,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		2,269,032
	2,123,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		2,290,585
	1,000,000	Colbun S.A.		6.00%			01/21/2020		1,120,521
	3,200,000	Corpbanca S.A.		3.13%			01/15/2018		3,245,888
	200,000	Corpbanca S.A.		3.88%			09/22/2019		209,177
	575,000	E.CL S.A.		5.63%			01/15/2021		638,271
	4,047,961	Guanay Finance Ltd.		6.00%			12/15/2020		4,154,220
	3,500,000	Inversiones CMPC S.A.		4.75%			01/19/2018		3,596,250
	1,900,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		1,923,750
									22,453,844
	CHINA 7.9%
	5,835,000	CNOOC Finance Ltd.		2.63%			05/05/2020		5,956,391
	400,000	CNPC General Capital Ltd.		1.72%	#^		05/14/2017		400,203
	6,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		6,142,158
	1,700,000	Sinopec Group Overseas Development Ltd.		2.13%			05/03/2019		1,712,835
	4,041,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		4,115,783
	6,000,000	Tencent Holdings Ltd.		2.88%			02/11/2020		6,165,342
	1,385,000	Want Want China Finance Ltd.		1.88%	^		05/14/2018		1,380,909
									25,873,621
	COLOMBIA 8.1%
	1,200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		1,149,000
	700,000	Banco Davivienda S.A.		2.95%			01/29/2018		707,175
	2,500,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		2,502,250
	5,000,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		5,175,000
	4,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		4,545,000
	4,700,000	Grupo Aval Ltd.		5.25%			02/01/2017		4,737,506
	500,000	Grupo Aval Ltd.		4.75%			09/26/2022		496,000
	2,150,000	GrupoSura Finance S.A.		5.70%			05/18/2021		2,348,875
	3,800,000	Pacific Rubiales Energy Corporation		5.38%	W		01/26/2019		722,000
	4,200,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		4,386,900
									26,769,706
	COSTA RICA 2.6%
	2,080,000	Banco de Costa Rica		5.25%			08/12/2018		2,142,400
	1,200,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,236,600
	2,500,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		2,609,375
	2,500,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		2,662,500
									8,650,875

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	DOMINICAN REPUBLIC 0.1%
	200,000	Aeropuertos Dominicanos		9.75%			11/13/2019		210,600
									210,600
	GUATEMALA 2.3%
	900,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		940,500
	1,600,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,672,000
	500,000	Bantrab Senior Trust		9.00%			11/14/2020		442,500
	300,000	Cementos Progreso Trust		7.13%			11/06/2023		320,250
	4,000,000	Central American Bottling Corporation		6.75%			02/09/2022		4,200,000
									7,575,250
	HONG KONG 1.1%
	3,600,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		3,681,000
									3,681,000
	INDIA 10.9%
	7,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		7,098,665
	1,800,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		1,967,400
	3,000,000	Export-Import Bank of India		3.13%			07/20/2021		3,099,888
	5,600,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		6,341,177
	4,595,000	Oil India Ltd.		3.88%			04/17/2019		4,778,864
	6,000,000	ONGC Videsh Ltd.		3.25%			07/15/2019		6,171,000
	6,000,000	Reliance Holdings, Inc.		4.50%			10/19/2020		6,491,184
									35,948,178
	ISRAEL 4.9%
	3,220,000	B Communications Ltd.		7.38%	^		02/15/2021		3,481,625
	1,000,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		1,042,750
	3,000,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		3,168,750
	4,000,000	Israel Electric Corporation Ltd.		2.63%	#		01/17/2018		3,997,768
	4,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		4,236,000
									15,926,893
	JAMAICA 0.8%
	1,500,000	Digicel Ltd.		7.00%			02/15/2020		1,440,000
	1,500,000	Digicel Ltd.		8.25%			09/30/2020		1,310,625
									2,750,625
	MALAYSIA 6.0%
	6,000,000	Axiata SPV2 BHD		3.47%			11/19/2020		6,304,914
	1,500,000	IOI Investment BHD		4.38%			06/27/2022		1,593,174
	5,000,000	Malayan Banking BHD		3.25%	#		09/20/2022		5,053,810
	6,700,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		6,859,694
									19,811,592
	MEXICO 13.2%
	5,000,000	America Movil SAB de CV		3.13%			07/16/2022		5,133,175
	3,459,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		3,459,000
	700,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#^		08/11/2026		680,540

92 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,300,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		3,208,260
	6,700,000	Banco Santander		5.95%	#		01/30/2024		7,058,115
	6,670,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		6,718,491
	2,700,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		2,862,000
	2,500,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		2,506,250
	1,500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,507,500
	6,500,000	Petroleos Mexicanos		3.50%			07/18/2018		6,665,750
	2,000,000	Tenedora Nemak S.A. de C.V.		5.50%			02/28/2023		2,048,000
	400,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		336,500
	1,500,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		1,106,250
									43,289,831
	PANAMA 7.2%
	7,000,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		7,595,000
	250,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		252,188
	2,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%	^		05/07/2020		2,050,000
	1,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		1,025,000
	6,282,979	ENA Norte Trust		4.95%			04/25/2023		6,565,713
	2,700,000	Global Bank Corporation		4.75%			10/05/2017		2,785,185
	1,500,000	Global Bank Corporation		5.13%	^		10/30/2019		1,578,750
	1,800,000	Global Bank Corporation		5.13%			10/30/2019		1,894,500
									23,746,336
	PARAGUAY 0.8%
	1,080,000	Banco Regional SAECA		8.13%			01/24/2019		1,166,400
	1,000,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		1,040,000
	400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		416,000
									2,622,400
	PERU 3.6%
	4,000,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		4,445,000
	600,000	Camposol S.A.		10.50%	^		07/15/2021		552,000
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		208,300
	2,000,000	Inkia Energy Ltd.		8.38%			04/04/2021		2,083,000
	920,527	Interoceanica Finance Ltd.		0.00%			11/30/2018		896,363
	3,026,790	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		2,970,189
	700,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		585,550
									11,740,402
	QATAR 0.8%
	1,400,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		1,433,138
	1,206,751	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		1,294,325
									2,727,463
	SINGAPORE 4.6%
	1,000,000	DBS Bank Ltd.		3.63%	#		09/21/2022		1,017,062
	6,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		6,273,000

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,500,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		3,632,405
	4,000,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		4,128,548
									15,051,015
	SOUTH KOREA 0.8%
	2,500,000	Kia Motors Corporation		2.63%	^		04/21/2021		2,584,942
									2,584,942
		Total Foreign Corporate Bonds (Cost $283,334,684)							280,999,323
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 11.8%
	COSTA RICA 0.7%
	2,000,000	Costa Rica Government International Bond		10.00%			08/01/2020		2,435,000
									2,435,000
	DOMINICAN REPUBLIC 1.6%
	5,082,343	Dominican Republic International Bond		9.04%			01/23/2018		5,336,460
									5,336,460
	HUNGARY 1.3%
	4,000,000	Hungary Government International Bond		4.00%			03/25/2019		4,201,520
									4,201,520
	MEXICO 0.3%
	1,000,000	Mexico Government International Bond		3.50%			01/21/2021		1,065,500
									1,065,500
	PANAMA 3.0%
	9,000,000	Panama Government International Bond		5.20%			01/30/2020		9,967,500
									9,967,500
	POLAND 2.4%
	7,000,000	Poland Government International Bond		5.13%			04/21/2021		7,923,804
									7,923,804
	QATAR 2.5%
	8,000,000	Qatar Government International Bond		2.38%			06/02/2021		8,075,576
									8,075,576
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $38,739,382)							39,005,360
	SHORT TERM INVESTMENTS 1.8%
	1,933,621	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				1,933,621
	1,933,622	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				1,933,622

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 93

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2016

SHARES		SECURITY DESCRIPTION	RATE			VALUE $
	1,933,622	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨		1,933,622
		Total Short Term Investments (Cost $5,800,865)					5,800,865
		Total Investments 99.0% (Cost $327,874,931)					325,805,548
		Other Assets in Excess of Liabilities 1.0%					3,151,337
		NET ASSETS 100.0%				$	328,956,885

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	85.4%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	11.8%
Short Term Investments	1.8%
Other Assets and Liabilities	1.0%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	23.7%
Oil & Gas	19.4%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	11.8%
Transportation	10.8%
Utilities	7.5%
Telecommunications	6.3%
Media	3.6%
Finance	2.9%
Pulp & Paper	2.5%
Consumer Products	2.1%
Short Term Investments	1.8%
Automotive	1.4%
Beverage and Tobacco	1.3%
Conglomerates	1.1%
Building and Development (including Steel/Metals)	1.0%
Retailers (other than Food/Drug)	0.8%
Chemicals/Plastics	0.5%
Retail	0.5%
Construction	0.0%	~
Other Assets and Liabilities	1.0%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
Mexico	13.5%
India	10.9%
Panama	10.2%
Colombia	8.1%
China	7.9%
Chile	6.8%
Malaysia	6.0%
Israel	4.9%
Singapore	4.6%
Peru	3.6%
Costa Rica	3.3%
Qatar	3.3%
Brazil	2.9%
Poland	2.4%
Guatemala	2.3%
United States	1.8%
Dominican Republic	1.7%
Hungary	1.3%
Hong Kong	1.1%
Jamaica	0.8%
Paraguay	0.8%
South Korea	0.8%
Other Assets and Liabilities	1.0%
	100.0%

† Perpetual Maturity

# Variable rate security. Rate disclosed as of September 30, 2016.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $22,969,394 or 7.0% of net assets.

¨ Seven-day yield as of September 30, 2016

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

~ Represents less than 0.05% of net assets

94 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Long Duration Total Return Bond Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 22.6%
	3,750,000	Tennessee Valley Authority		3.50%		12/15/2042		4,122,974
	2,700,000	Tennessee Valley Authority		4.63%		09/15/2060		3,450,872
	700,000	Tennessee Valley Authority		4.25%		09/15/2065		837,395
	4,015,800	United States Treasury Inflation Indexed Bonds		0.13%		07/15/2026		4,067,893
	2,000,000	United States Treasury Notes		0.63%		08/31/2017		1,999,570
	3,600,000	United States Treasury Notes		2.50%		02/15/2046		3,733,805
		Total US Government and Agency Obligations (Cost $17,836,302)						18,212,509
	US GOVERNMENT/AGENCY MORTGAGE BACKED OBLIGATIONS 76.3%
		Federal Home Loan Mortgage Corporation,
	1,624,184	Series 4057-ZB		3.50%		06/15/2042		1,763,734
	1,624,184	Series 4057-ZC		3.50%		06/15/2042		1,779,296
	2,260,235	Series 4182-ZD		3.50%		03/15/2043		2,459,540
	1,107,796	Series 4194-ZL		3.00%		04/15/2043		1,159,611
	2,476,526	Series 4204-QZ		3.00%		05/15/2043		2,474,858
	1,685,331	Series 4206-LZ		3.50%		05/15/2043		1,855,418
	624,385	Series 4210-Z		3.00%		05/15/2043		623,508
	329,859	Series 4226-GZ		3.00%		07/15/2043		340,343
	2,378,336	Series 4390-NZ		3.00%		09/15/2044		2,452,019
	2,107,667	Series 4417-PZ		3.00%		12/15/2044		2,152,631
	2,813,430	Series 4420-CZ		3.00%		12/15/2044		2,865,526
	4,998,639	Series 4427-XG		3.00%		01/15/2045		5,120,592
	2,080,669	Series 4440-ZD		2.50%		02/15/2045		1,994,746
	1,061,513	Series 4460-KB		3.50%		03/15/2045		1,147,377
	2,086,721	Series 4461-LZ		3.00%		03/15/2045		2,125,357
		Federal National Mortgage Association,
	2,100,000	Series 2012-128-UC		2.50%		11/25/2042		2,029,463
	1,624,184	Series 2012-68-ZA		3.50%		07/25/2042		1,743,368
	2,313,516	Series 2012-92-AZ		3.50%		08/25/2042		2,529,728
	3,037,054	Series 2013-127-MZ		3.00%		12/25/2043		3,089,951
	512,141	Series 2013-66-ZK		3.00%		07/25/2043		499,543
	1,680,430	Series 2013-74-ZH		3.50%		07/25/2043		1,826,640
	1,236,476	Series 2014-42-BZ		3.00%		07/25/2044		1,280,411
	1,500,000	Series 2014-67-HD		3.00%		10/25/2044		1,544,121
	904,000	Series 2014-68-TD		3.00%		11/25/2044		916,466
	2,463,917	Series 2014-80-DZ		3.00%		12/25/2044		2,550,480
	1,108,503	Series 2014-80-KL		2.00%		05/25/2043		935,997
	3,114,515	Series 2015-16-ZY		2.50%		04/25/2045		2,970,242
	2,734,177	Series 2015-52-GZ		3.00%		07/25/2045		2,781,965

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association,
	636,006	Series 2013-180-LO		0.00%	P/O		11/16/2043		563,403
	3,283,130	Series 2015-53-EZ		2.00%			04/16/2045		2,858,074
	2,888,910	Series 2015-79-VZ		2.50%			05/20/2045		2,760,161
	275,683	Series 2016-012-MZ		3.00%			01/20/2046		269,337
		Total US Government/Agency Mortgage Backed Obligations (Cost $55,490,649)							61,463,906
	SHORT TERM INVESTMENTS 1.3%
	338,257	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				338,257
	338,257	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				338,257
	338,257	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				338,257
		Total Short Term Investments (Cost $1,014,771)							1,014,771
		Total Investments 100.2% (Cost $74,341,722)							80,691,186
		Liabilities in Excess of Other Assets (0.2)%							(192,531	)
		NET ASSETS 100.0%						$	80,498,655

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government/Agency Mortgage Backed Obligations	76.3%
US Government and Agency Obligations	22.6%
Short Term Investments	1.3%
Other Assets and Liabilities	(0.2)%
	100.0%

P/O Principal only security

¨ Seven-day yield as of September 30, 2016

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 95

Schedule of Investments (Consolidated)  DoubleLine Strategic Commodity Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 98.1%
	1,242,805	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				1,242,805
	1,242,805	Dreyfus Government Cash Management - Institutional Shares		0.30%	¨				1,242,805
	250,000	United States Treasury Bills		0.00%	‡		10/13/2016		249,990
	650,000	United States Treasury Bills		0.00%	‡		11/10/2016		649,871
	5,500,000	United States Treasury Bills		0.00%			01/19/2017		5,495,628
		Total Short Term Investments (Cost $8,878,355)							8,881,099
		Total Investments 98.1% (Cost $8,878,355)							8,881,099
		Other Assets in Excess of Liabilities 1.9%							171,853
		NET ASSETS 100.0%						$	9,052,952

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	98.1%
Other Assets and Liabilities	1.9%
	100.0%

¨ Seven-day yield as of September 30, 2016

‡ All or a portion of this security has been pledged as collateral in connection with swaps.

Excess Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Commodity Beta Basket Swapg	Bank of America Merrill Lynch		0.20%		25,000		10/03/2016	$	764
Long Commodity Basket Swapj	Bank of America Merrill Lynch		0.17%		9,200,000		10/03/2016		341,491
								$	342,255

Excess Return Swaps - Short
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Short Commodity Basket Swapy	Bank of America Merrill Lynch		0.00%		25,000		10/03/2016	$	(1,352	)
								$	(1,352	)

All or a portion of this security is owned by DoubleLine Strategic Commodity Ltd., which is a wholly-owned subsidiary of the DoubleLine Strategic Commodity Fund.

g Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At September 30, 2016, the constituents and their weightings were as follows: Soybeans 18.5%, Copper 18.1%, Nickel 13.4%, Brent Crude 10.8%, Crude Oil 10.6%, Sugar 7.1%, Gas Oil 5.8%, Unleaded Gasoline 4.8%, Cotton 3.8%, Live Cattle 3.6%, Heating Oil 3.5%.

j Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2016, the constituents and their weightings were as follows: Sugar 22.1%, Aluminum 20.1%, Zinc 19.7%, Soybeans 19.7%, Cocoa 18.4%.

y Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2016, the constituents and their weightings were as follows: Crude Oil 20.9%, Heating Oil 20.6%, Corn 19.7%, Kansas Wheat 19.4%, Wheat 19.4%.

96 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Global Bond Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 69.9%
	AUSTRALIA 6.3%
	11,650,000	AUD	Australia Government Bond		1.75%			11/21/2020		8,982,222
	10,500,000	AUD	Australia Government Bond		3.25%			04/21/2025		8,904,697
										17,886,919
	BELGIUM 1.9%
	4,375,000	EUR	Belgium Government Bond		1.00%	^		06/22/2026		5,322,786
										5,322,786
	CANADA 2.2%
	4,300,000	CAD	Canadian Government Bond		2.75%			06/01/2022		3,654,468
	3,240,000	CAD	Canadian Government Bond		2.25%			06/01/2025		2,745,881
										6,400,349
	HUNGARY 4.8%
	1,790,000,000	HUF	Hungary Government Bond		3.50%			06/24/2020		6,998,502
	1,525,000,000	HUF	Hungary Government Bond		5.50%			06/24/2025		6,767,364
										13,765,866
	IRELAND 4.0%
	3,925,000	EUR	Ireland Government Bond		5.40%			03/13/2025		6,317,310
	4,300,000	EUR	Ireland Government Bond		1.00%			05/15/2026		5,141,398
										11,458,708
	ISRAEL 2.7%
	17,950,000	ILS	Israel Government Bond		4.25%			03/31/2023		5,789,766
	6,925,000	ILS	Israel Government Bond		1.75%			08/31/2025		1,854,911
										7,644,677
	ITALY 3.3%
	3,767,000	EUR	Italy Buoni Poliennali Del Tesoro		0.65%			11/01/2020		4,323,246
	4,250,000	EUR	Italy Buoni Poliennali Del Tesoro		1.50%			06/01/2025		4,964,463
										9,287,709

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	JAPAN 17.3%
	700,000,000	JPY	Japan Government Ten Year Bond		0.60%			06/20/2024		7,336,329
	1,010,000,000	JPY	Japan Government Ten Year Bond		0.40%			06/20/2025		10,449,498
	1,172,500,000	JPY	Japan Government Ten Year Bond		0.40%			09/20/2025		12,136,430
	875,000,000	JPY	Japan Government Twenty Year Bond		1.50%			06/20/2034		10,492,778
	775,000,000	JPY	Japan Government Twenty Year Bond		1.20%			09/20/2035		8,900,130
										49,315,165
	NEW ZEALAND 5.8%
	11,400,000	NZD	New Zealand Government Bond		3.00%			04/15/2020		8,606,687
	8,875,000	NZD	New Zealand Government Bond		5.50%			04/15/2023		7,827,247
										16,433,934
	PERU 0.3%
	2,500,000	PEN	Peruvian Government International Bond GDN		7.84%	^		08/12/2020		823,161
										823,161
	POLAND 4.7%
	21,350,000	PLN	Poland Government Bond		1.50%			04/25/2020		5,479,455
	29,750,000	PLN	Poland Government Bond		3.25%			07/25/2025		8,030,913
										13,510,368
	PORTUGAL 1.9%
	2,500,000	EUR	Portugal Obrigacoes do Tesouro		2.20%	^		10/17/2022		2,772,489
	2,400,000	EUR	Portugal Obrigacoes do Tesouro		2.88%	^		10/15/2025		2,647,889
										5,420,378
	ROMANIA 4.4%
	30,000,000	RON	Romania Government Bond		4.75%			06/24/2019		8,265,373
	16,000,000	RON	Romania Government Bond		3.50%			12/19/2022		4,273,379
										12,538,752

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 97

Schedule of Investments  DoubleLine Global Bond Fund   (Cont.) (Unaudited) September 30, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SPAIN 3.8%
	5,400,000	EUR	Spain Government Bond		5.85%	^		01/31/2022		7,912,005
	2,200,000	EUR	Spain Government Bond		2.75%	^		10/31/2024		2,880,836
										10,792,841
	UNITED KINGDOM 6.5%
	8,625,000	GBP	United Kingdom Gilt		2.00%			07/22/2020		11,947,579
	4,400,000	GBP	United Kingdom Gilt		2.25%			09/07/2023		6,414,652
										18,362,231
			Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $191,635,224)							198,963,844
	US GOVERNMENT AND AGENCY OBLIGATIONS 25.0%
	UNITED STATES 25.0%
	6,000,000	USD	United States Treasury Notes		1.38%			04/30/2020		6,079,218
	7,250,000	USD	United States Treasury Notes		1.63%			06/30/2020		7,409,587
	7,000,000	USD	United States Treasury Notes		1.38%			08/31/2020		7,086,681
	6,750,000	USD	United States Treasury Notes		1.50%			01/31/2022		6,841,496
	7,500,000	USD	United States Treasury Notes		1.75%			04/30/2022		7,693,065
	9,000,000	USD	United States Treasury Notes		1.88%			08/31/2022		9,289,161
	6,000,000	USD	United States Treasury Notes		2.00%			11/30/2022		6,235,548
	6,500,000	USD	United States Treasury Notes		2.50%			05/15/2024		6,988,391
	6,000,000	USD	United States Treasury Notes		2.38%			08/15/2024		6,396,210
	7,000,000	USD	United States Treasury Notes		2.00%			02/15/2025		7,253,610
										71,272,967
			Total US Government and Agency Obligations (Cost $70,061,155)							71,272,967

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 4.1%
	3,853,312	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨			3,853,312
	3,853,312	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨			3,853,312
	3,853,312	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨			3,853,312
		Total Short Term Investments (Cost $11,559,936)						11,559,936
		Total Investments 99.0% (Cost $273,256,315)						281,796,747
		Other Assets in Excess of Liabilities 1.0%						2,987,335
		NET ASSETS 100.0%					$	284,784,082

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	69.9%
US Government and Agency Obligations	25.0%
Short Term Investments	4.1%
Other Assets and Liabilities	1.0%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	29.1%
Japan	17.3%
United Kingdom	6.5%
Australia	6.3%
New Zealand	5.8%
Hungary	4.8%
Poland	4.7%
Romania	4.4%
Ireland	4.0%
Spain	3.8%
Italy	3.3%
Israel	2.7%
Canada	2.2%
Portugal	1.9%
Belgium	1.9%
Peru	0.3%
Other Assets and Liabilities	1.0%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $22,359,166 or 7.9% of net assets.

GDN Global Depositary Note

¨ Seven-day yield as of September 30, 2016

AUD Australian Dollar

EUR Euro

CAD Canadian Dollar

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

NZD New Zealand Dollar

PEN Peruvian Sol

PLN Polish Zloty

RON Romanian Leu

GBP British Pound

USD United States Dollar

98 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Infrastructure Income Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 35.4%
		CAL Funding II Ltd.,
	2,522,000	Series 2013-1A-A		3.35%	^		03/27/2028		2,464,042
		Castlelake Aircraft Securitization Trust,
	292,696	Series 2015-1A-A		4.70%	^		12/15/2040		295,307
	6,256,530	Series 2016-1-A		4.45%			08/15/2041		6,310,530
		CLI Funding LLC,
	541,733	Series 2014-1A-A		3.29%	^		06/18/2029		528,300
	553,133	Series 2014-2A-A		3.38%	^		10/18/2029		537,384
		Eagle Ltd.,
	2,250,000	Series 2014-1A-A1		2.57%	^		12/15/2039		2,235,053
		Global SC Finance II SRL,
	2,962,500	Series 2013-1A-A		2.98%	^		04/17/2028		2,869,456
	99,120	Series 2013-2A-A		3.67%	^		11/17/2028		97,942
		Harbour Aircraft Investments Ltd.,
	6,066,700	Series 2016-1-A		4.70%			07/15/2041		6,132,142
		HERO Funding Trust,
	89,652	Series 2015-2A-A		3.99%	^		09/20/2040		92,994
	2,430,000	Series 2016-3A-A2		3.91%	^		09/20/2042		2,493,877
		NP SPE II LLC,
	242,683	Series 2016-1A-A1		4.16%	^		04/20/2046		248,515
		Shenton Aircraft Investment Ltd.,
	296,790	Series 2015-1A-A		4.75%	^		10/15/2042		294,364
		TAL Advantage LLC,
	250,833	Series 2013-2A-A		3.55%	^		11/20/2038		248,597
		TAL Advantage V LLC,
	1,223,750	Series 2014-1A-B		4.10%	^		02/22/2039		1,177,315
		Textainer Marine Containers III Ltd.,
	987,000	Series 2013-1A-A		3.90%	^		09/20/2038		982,845
		Trinity Rail Leasing LLC,
	3,078,312	Series 2010-1A-A		5.19%	^		10/16/2040		3,022,408
		Total Asset Backed Obligations (Cost $29,967,132)							30,031,071
	FOREIGN CORPORATE BONDS 29.7%
	1,895,000	Sydney Airport Finance Company Pty Ltd.		3.38%	^		04/30/2025		1,946,419
	1,650,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		1,717,201
	150,000	Canadian Pacific Railway Company		2.90%			02/01/2025		153,873
	1,906,000	GNL Quintero S.A.		4.63%			07/31/2029		2,006,065
	3,500,000	Transelec S.A.		3.88%	^		01/12/2029		3,605,000
	4,000,000	Fideicomiso P.A. Costera		6.75%	^¥		01/15/2034		4,010,000
	1,150,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		1,226,187
	3,181,134	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		3,276,568
	241,727	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		248,979
	2,000,000	Mexico City Airport Trust		4.25%	^		10/31/2026		2,010,000
	1,650,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		1,773,750
	3,648,771	Interoceanica Finance Ltd.		0.00%	^		11/30/2025		3,014,797
	200,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		223,750
		Total Foreign Corporate Bonds (Cost $24,733,156)							25,212,589
	US CORPORATE BONDS 31.9%
	160,000	American Electric Power Company, Inc.		2.95%			12/15/2022		167,381
	2,000,000	American Tower Corporation		4.40%			02/15/2026		2,195,992

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	100,000	American Tower Corporation		3.38%			10/15/2026		101,632
	178,000	American Transmission Systems, Inc.		5.25%	^		01/15/2022		204,760
	2,000,000	American Water Capital Corporation		3.40%			03/01/2025		2,160,400
	2,500,000	Commonwealth Edison Company		4.35%			11/15/2045		2,875,377
	2,150,000	Crown Castle International Corporation		3.70%			06/15/2026		2,249,175
	135,000	Eversource Energy		2.80%			05/01/2023		138,162
	120,000	Exelon Corporation		3.40%			04/15/2026		124,842
	2,000,000	ITC Holdings Corporation		3.25%			06/30/2026		2,035,768
	200,000	Metropolitan Edison Company		4.00%	^		04/15/2025		209,207
	2,929,000	NextEra Energy Capital Holdings, Inc.		3.63%			06/15/2023		3,113,864
	100,000	Oglethorpe Power Corporation		4.25%			04/01/2046		106,310
	2,650,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		2,758,237
	245,000	SBA Tower Trust		2.24%	^		04/16/2018		245,843
	2,500,000	SBA Tower Trust		2.88%	^		07/15/2021		2,545,784
	150,000	Sierra Pacific Power Company		2.60%	^		05/01/2026		152,254
	2,000,000	Sunoco Logistics Partners Operations LP		3.90%			07/15/2026		2,044,730
	2,000,000	Union Pacific Corporation		2.75%			03/01/2026		2,079,254
	1,467,000	Xcel Energy, Inc.		3.30%			06/01/2025		1,551,297
		Total US Corporate Bonds (Cost $26,757,981)							27,060,269
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 1.4%
	4,760	iShares iBoxx Investment Grade Corporate Bond ETF							586,337
	6,480	Vanguard Intermediate-Term Corporate Bond ETF							580,478
		Total Exchange Traded Funds and Common Stocks (Cost $1,139,238)							1,166,815
	SHORT TERM INVESTMENTS 1.2%
	327,979	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				327,979
	327,978	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				327,978
	327,978	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				327,978
		Total Short Term Investments (Cost $983,935)							983,935
		Total Investments 99.6% (Cost $83,581,442)							84,454,679
		Other Assets in Excess of Liabilities 0.4%							381,681
		NET ASSETS 100.0%						$	84,836,360

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 99

Schedule of Investments  DoubleLine Infrastructure Income Fund   (Cont.) (Unaudited) September 30, 2016

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	35.4%
US Corporate Bonds	31.9%
Foreign Corporate Bonds	29.7%
Exchange Traded Funds and Common Stocks	1.4%
Short Term Investments	1.2%
Other Assets and Liabilities	0.4%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	35.4%
Utilities	20.9%
Transportation	17.9%
Telecommunications	8.7%
Oil & Gas	8.0%
Energy	6.1%
Exchange Traded Funds and Common Stocks	1.4%
Short Term Investments	1.2%
Other Assets and Liabilities	0.4%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	69.9%
Chile	6.6%
Mexico	6.5%
Peru	5.9%
Colombia	4.7%
Australia	4.3%
Israel	1.5%
Canada	0.2%
Other Assets and Liabilities	0.4%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $41,752,419 or 49.2% of net assets.

¥ Illiquid security. At September 30, 2016, the value of these securities amounted to $4,010,000 or 4.7% of net assets.

¨ Seven-day yield as of September 30, 2016

100 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Ultra Short Bond Fund (Unaudited) September 30, 2016

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 100.6%
	COMMERCIAL PAPER 29.5%
	250,000	Atmos Energy Corporation		0.00%	^		10/19/2016		249,942
	250,000	BASF S.E.		0.00%	^		01/05/2017		249,533
	250,000	Coca-Cola Company		0.00%	^		03/06/2017		249,148
	250,000	National Australia Bank Ltd.		0.00%	^		02/10/2017		249,283
	250,000	Reckitt Benckiser Treasury Services PLC		0.00%	^		03/16/2017		248,990
	250,000	Toyota Motor Credit Corporation		0.00%			10/31/2016		249,917
									1,496,813
	MONEY MARKET FUNDS 2.2%
	36,285	BlackRock Liquidity Funds FedFund - Institutional Shares		0.34%	¨				36,285
	36,285	Fidelity Institutional Money Market Government Portfolio - Class I		0.27%	¨				36,285
	36,285	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.29%	¨				36,285
									108,855
	US TREASURY BILLS 68.9%
	500,000	United States Treasury Bills		0.00%			10/27/2016		499,939
	500,000	United States Treasury Bills		0.00%			11/25/2016		499,901
	500,000	United States Treasury Bills		0.00%			12/29/2016		499,669
	500,000	United States Treasury Bills		0.00%			02/02/2017		499,462
	500,000	United States Treasury Bills		0.00%			03/02/2017		499,257
	500,000	United States Treasury Bills		0.00%			03/30/2017		498,937
	500,000	United States Treasury Bills		0.00%			04/27/2017		498,704
									3,495,869
		Total Short Term Investments (Cost $5,101,001)							5,101,537
		Total Investments 100.6% (Cost $5,101,001)							5,101,537
		Liabilities in Excess of Other Assets (0.6)%							(30,379	)
		NET ASSETS 100.0%						$	5,071,158

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	100.6%
Other Assets and Liabilities	(0.6)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Treasury Bills	68.9%
Utilities	5.0%
Automotive	4.9%
Chemicals/Plastics	4.9%
Banking	4.9%
Beverage and Tobacco	4.9%
Consumer Products	4.9%
Money Market Funds	2.2%
Other Assets and Liabilities	(0.6)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	85.9%
Germany	4.9%
Australia	4.9%
United Kingdom	4.9%
Other Assets and Liabilities	(0.6)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2016, the value of these securities amounted to $1,246,896 or 24.6% of net assets.

¨ Seven-day yield as of September 30, 2016

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 101

Statements of Assets and Liabilities (Unaudited) September 30, 2016

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	54,288,691,727		$	6,894,015,010		$	880,542,078		$	53,115,705		$	3,032,865,875		$	283,044,517
Investments in Affiliated Securities, at Value*		—			326,609,815			—			44,280,832			49,550,000			—
Short Term Investments*		8,048,079,404			360,934,014			41,901,552			48,290,818			94,325,742			16,361,649
Foreign Currency, at Value*		—			—			—			33,568			—			—
Receivable for Fund Shares Sold		221,814,225			35,142,030			3,413,552			350,448			50,871,869			1,058,877
Interest and Dividends Receivable		194,526,173			39,302,962			12,644,010			365,085			14,381,000			1,824,013
Prepaid Expenses and Other Assets		922,181			239,937			56,742			26,056			95,963			33,037
Receivable for Investments Sold		—			14,937,492			324,328			1,895,217			—			12,969,118
Cash		—			1,246,507			—			—			—			—
Deposit at Broker for Futures		—			—			—			2,911,961			—			—
Unrealized Appreciation on Swaps		—			—			—			2,618,415			—			—
Variation Margin Receivable		—			—			—			195,697			—			—
Due from Advisor		—			—			—			—			—			—
Total Assets		62,754,033,710			7,672,427,767			938,882,262			154,083,802			3,242,090,449			315,291,211
LIABILITIES
Payable for Investments Purchased		695,545,019			71,469,185			—			2,109,657			27,485,650			25,074,393
Payable for Fund Shares Redeemed		96,860,179			5,283,460			2,047,465			140,923			2,148,592			698,567
Distribution Payable		52,585,623			4,917,185			613,439			577,065			1,313,717			425,258	��
Investment Advisory Fees Payable		20,281,226			2,336,981			574,781			106,177			879,297			118,226
Transfer Agent Expenses Payable		6,147,710			466,847			176,351			51,230			280,685			28,767
Distribution Fees Payable		5,128,780			429,180			82,447			44,153			615,652			29,655
Administration, Fund Accounting and Custodian Fees Payable		2,140,246			309,666			41,901			17,323			183,320			40,436
Accrued Expenses		719,729			51,330			43,589			8,338			50,970			17,501
Registration Fees Payable		542,987			60,778			1,725			1,043			28,327			14,409
Professional Fees Payable		497,114			111,061			79,746			55,478			78,860			48,515
Due to Custodian		—			—			—			—			56,813			—
Total Liabilities		880,448,613			85,435,673			3,661,444			3,111,387			33,121,883			26,495,727
Net Assets	$	61,873,585,097		$	7,586,992,094			935,220,818		$	150,972,415			3,208,968,566		$	288,795,484
NET ASSETS CONSIST OF:
Paid-in Capital	$	62,945,486,001		$	7,479,347,909		$	983,586,520		$	155,175,724		$	3,232,047,910		$	296,689,474
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		(492,072,130	)		(6,209,163	)		(524,858	)		(1,485,906	)		(2,639,407	)		(14,671	)
Accumulated Net Realized Gain (Loss) on Investments		(1,751,333,169	)		(14,410,245	)		(16,436,985	)		(4,941,887	)		(11,969,348	)		(9,959,583	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		1,169,153,649			116,253,778			(31,403,859	)		(127,619	)		(8,020,589	)		2,080,264
Investments in Affiliated Securities		—			12,009,815			—			(817,020	)		(450,000	)		—
Short Term Investments		2,350,746			—			—			(363	)		—			—
Foreign Currency		—			—			—			712			—			—
Futures		—			—			—			556,350			—			—
Swaps		—			—			—			2,618,415			—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—			(5,991	)		—			—
Net Assets	$	61,873,585,097		$	7,586,992,094		$	935,220,818		$	150,972,415		$	3,208,968,566		$	288,795,484
*Identified Cost:
Investments in Unaffiliated Securities	$	53,119,538,078		$	6,777,761,232		$	911,945,937		$	53,243,324		$	3,040,886,464		$	280,964,253
Investments in Affiliated Securities		—			314,600,000			—			45,097,852			50,000,000			—
Short Term Investments		8,045,728,658			360,934,014			41,901,552			48,291,181			94,325,742			16,361,649
Foreign Currency		—			—			—			32,856			—			—
Class I (unlimited shares authorized):
Net Assets	$	49,675,181,079		$	6,503,180,515		$	717,598,748		$	41,916,610		$	1,941,292,883		$	218,868,450
Shares Outstanding		4,550,829,243			584,529,447			68,941,324			4,526,207			192,812,771			22,153,799
Net Asset Value, Offering and Redemption Price per Share	$	10.92		$	11.13		$	10.41		$	9.26		$	10.07		$	9.88
Class N (unlimited shares authorized):
Net Assets	$	12,198,404,018		$	1,083,811,579		$	217,622,070		$	—		$	1,267,675,683		$	69,927,034
Shares Outstanding		1,118,007,378			97,485,097			20,906,177			—			126,002,158			7,064,348
Net Asset Value, Offering and Redemption Price per Share	$	10.91		$	11.12		$	10.41		$	—		$	10.06		$	9.90
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	109,055,805		$	—		$	—
Shares Outstanding		—			—			—			11,808,956			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—		$	9.63		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—		$	9.24		$	—		$	—

102 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2016

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	1,184,168,178		$	241,973,151		$	320,004,683		$	79,676,415		$	—		$	270,236,811
Investments in Affiliated Securities, at Value*		—			34,540,946			—			—			—			—
Short Term Investments*		110,633,612			35,609,995			5,800,865			1,014,771			8,881,099			11,559,936
Foreign Currency, at Value*		—			—			—			—			—			1,260,394
Receivable for Fund Shares Sold		16,841,207			1,139,099			386,948			1,655,887			41,445			47,173
Interest and Dividends Receivable		5,651,315			1,755,066			3,643,606			207,447			649			2,016,390
Prepaid Expenses and Other Assets		102,137			33,314			44,658			15,580			1,202			60,389
Receivable for Investments Sold		16,202,133			271,413			—			3,501,311			—			—
Cash		—			—			—			—			—			—
Deposit at Broker for Futures		—			—			—			—			—			—
Unrealized Appreciation on Swaps		108,804,117			—			—			—			340,903			—
Variation Margin Receivable		—			—			—			—			—			—
Due from Advisor		—			—			—			—			8,470			—
Total Assets		1,442,402,699			315,322,984			329,880,760			86,071,411			9,273,768			285,181,093
LIABILITIES
Payable for Investments Purchased		26,102,125			5,115,230			—			5,313,585			—			—
Payable for Fund Shares Redeemed		941,877			165,443			304,439			2,916			—			15,369
Distribution Payable		481,343			239,847			292,713			134,579			—			58,099
Investment Advisory Fees Payable		596,611			137,332			103,929			26,724			—			115,016
Transfer Agent Expenses Payable		176,200			42,252			77,059			25,874			38,310			71,740
Distribution Fees Payable		106,237			39,878			86,713			7,582			1,399			21,963
Administration, Fund Accounting and Custodian Fees Payable		85,283			41,215			19,688			6,947			3,356			40,648
Accrued Expenses		1,112			3,270			13,012			7,923			22,233			35,897
Registration Fees Payable		10,716			2,043			1,198			718			509			11,593
Professional Fees Payable		86,780			33,158			25,124			45,908			155,009			26,686
Due to Custodian		—			—			—			—			—			—
Total Liabilities		28,588,284			5,819,668			923,875			5,572,756			220,816			397,011
Net Assets	$	1,413,814,415		$	309,503,316		$	328,956,885		$	80,498,655		$	9,052,952		$	284,784,082
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,269,206,455		$	313,855,491		$	330,873,574		$	74,688,934		$	7,008,857		$	275,360,048
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		(890,771	)		(410,140	)		(170,630	)		(6,343	)		(122,549	)		(61,745	)
Accumulated Net Realized Gain (Loss) on Investments		37,891,617			(1,316,500	)		323,324			(533,400	)		1,822,997			927,998
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(1,197,003	)		(2,176,094	)		(2,069,383	)		6,349,464			—			8,540,432
Investments in Affiliated Securities		—			(449,441	)		—			—			—			—
Short Term Investments		—			—			—			—			2,744			—
Foreign Currency		—			—			—			—			—			6,855
Futures		—			—			—			—			—			—
Swaps		108,804,117			—			—			—			340,903			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—			—			—			10,494
Net Assets	$	1,413,814,415		$	309,503,316		$	328,956,885		$	80,498,655		$	9,052,952		$	284,784,082
*Identified Cost:
Investments in Unaffiliated Securities	$	1,185,365,181		$	244,149,245		$	322,074,066		$	73,326,951		$	—		$	261,696,379
Investments in Affiliated Securities		—			34,990,387			—			—			—			—
Short Term Investments		110,633,612			35,609,995			5,800,865			1,014,771			8,878,355			11,559,936
Foreign Currency		—			—			—			—			—			1,253,539
Class I (unlimited shares authorized):
Net Assets	$	1,117,007,554		$	209,301,674		$	114,114,321		$	58,819,390		$	5,021,306		$	228,765,563
Shares Outstanding		82,223,388			21,339,015			11,514,542			5,401,362			546,728			21,420,739
Net Asset Value, Offering and Redemption Price per Share	$	13.59		$	9.81		$	9.91		$	10.89		$	9.18		$	10.68
Class N (unlimited shares authorized):
Net Assets	$	296,806,861		$	100,201,642		$	214,842,564		$	21,679,265		$	4,031,646		$	56,018,519
Shares Outstanding		21,862,229			10,219,381			21,659,974			1,992,084			440,937			5,246,083
Net Asset Value, Offering and Redemption Price per Share	$	13.58		$	9.81		$	9.92		$	10.88		$	9.14		$	10.68
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	—		$	—		$	—
Shares Outstanding		—			—			—			—			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—		$	—		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—		$	—		$	—		$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 103

Statements of Assets and Liabilities  (Cont.) (Unaudited) September 30, 2016

	DoubleLine Infrastructure Income Fund		DoubleLine Ultra Short Bond Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	83,470,744	$	—
Investments in Affiliated Securities, at Value*		—		—
Short Term Investments*		983,935		5,101,537
Foreign Currency, at Value*		—		—
Receivable for Fund Shares Sold		94,400		—
Interest and Dividends Receivable		616,822		15
Prepaid Expenses and Other Assets		38,350		—
Receivable for Investments Sold		—		—
Cash		—		—
Deposit at Broker for Futures		—		—
Unrealized Appreciation on Swaps		—		—
Variation Margin Receivable		—		—
Due from Advisor		—		25,493
Total Assets		85,204,251		5,127,045
LIABILITIES
Payable for Investments Purchased		—		—
Payable for Fund Shares Redeemed		280		—
Distribution Payable		235,154		—
Investment Advisory Fees Payable		15,299		—
Transfer Agent Expenses Payable		35,355		18,447
Distribution Fees Payable		149		63
Administration, Fund Accounting and Custodian Fees Payable		13,980		1,718
Accrued Expenses		1,081		5,172
Registration Fees Payable		2,493		1,712
Professional Fees Payable		64,100		28,775
Due to Custodian		—		—
Total Liabilities		367,891		55,887
Net Assets	$	84,836,360	$	5,071,158
NET ASSETS CONSIST OF:
Paid-in Capital	$	83,876,722	$	5,070,592
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		14,476		30
Accumulated Net Realized Gain (Loss) on Investments		71,925		—
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		873,237		—
Investments in Affiliated Securities		—		—
Short Term Investments		—		536
Foreign Currency		—		—
Futures		—		—
Swaps		—		—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—		—
Net Assets	$	84,836,360	$	5,071,158
*Identified Cost:
Investments in Unaffiliated Securities	$	82,597,507	$	—
Investments in Affiliated Securities		—		—
Short Term Investments		983,935		5,101,001
Foreign Currency		—		—
Class I (unlimited shares authorized):
Net Assets	$	84,576,605	$	4,971,188
Shares Outstanding		8,242,031		497,059
Net Asset Value, Offering and Redemption Price per Share	$	10.26	$	10.00
Class N (unlimited shares authorized):
Net Assets	$	259,755	$	99,970
Shares Outstanding		25,325		10,000
Net Asset Value, Offering and Redemption Price per Share	$	10.26	$	10.00
Class A (unlimited shares authorized):
Net Assets	$	—	$	—
Shares Outstanding		—		—
Net Asset Value, Offering Price per Share	$	—	$	—
Net Asset Value, Redemption Price per Share	$	—	$	—

104 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Statements of Operations (Unaudited) For the Period Ended September 30, 2016

	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
INVESTMENT INCOME
Income:
Interest	$	732,781,967	$	109,473,058		$	23,750,292	$	910,277		$	41,757,994		$	6,148,086
Dividends from Unaffiliated Securities		—		—			—		578,351			—			—
Dividends from Affiliated Securities		—		1,761,425			—		693,911			796,283			—
Foreign Taxes Withheld		—		—			—		—			—			—
Total Investment Income		732,781,967		111,234,483			23,750,292		2,182,539			42,554,277			6,148,086
Expenses:
Investment Advisory Fees		121,096,551		13,875,622			3,184,189		770,629			5,256,703			727,667
Distribution Fees - Class N		15,202,083		1,294,676			262,222		—			1,510,203			89,379
Distribution Fees - Class A		—		—			—		139,679			—			—
Transfer Agent Expenses		12,421,452		1,339,692			418,463		57,860			653,822			111,520
Administration, Fund Accounting and Custodian Fees		4,239,871		615,898			79,278		28,427			292,018			59,083
Registration Fees		1,283,441		179,200			98,110		29,784			111,645			32,872
Shareholder Reporting Expenses		835,763		86,729			36,463		2,787			47,666			9,059
Professional Fees		526,804		131,118			82,515		40,818			58,108			39,314
Insurance Expenses		366,432		36,668			8,045		1,740			22,738			3,473
Trustees Fees		304,333		31,874			4,799		798			15,540			1,630
Miscellaneous Expenses		175,290		15,897			22,535		3,424			10,017			26,616
Total Expenses		156,452,020		17,607,374			4,196,619		1,075,946			7,978,460			1,100,613
Less: Investment Advisory Fees (Waived)		—		(639,956	)		—		(82,390	)		(148,111	)		—
Less: Fees (Waived)/Recouped		—		—			—		(11,515	)		—			—
Net Expenses		156,452,020		16,967,418			4,196,619		982,041			7,830,349			1,100,613
Net Investment Income (Loss)		576,329,947		94,267,065			19,553,673		1,200,498			34,723,928			5,047,473
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		55,223,570		40,608,307			4,362,107		(203,948	)		3,069,220			(88,483	)
Investments in Affiliated Securities		—		—			—		—			164,259			—
Short Term Investments		—		—			—		—			—			—
Foreign Currency		—		—			—		(8,936	)		—			—
Forwards		—		—			—		148,590			—			—
Futures		—		—			—		2,111,563			—			—
Swaps		—		—			—		135,765			—			—
Written Options		—		—			—		279,800			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		680,259,903		114,473,306			55,111,458		2,912,029			18,900,863			3,477,396
Investments in Affiliated Securities		—		5,853,651			—		342,013			1,600,000			—
Short Term Investments		526,775		—			—		(363	)		—			—
Foreign Currency		—		—			—		522			—			—
Forwards		—		—			—		(89,118	)		—			—
Futures		—		—			—		366,121			—			—
Swaps		—		—			—		2,618,415			—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—		—			—		(5,991	)		—			—
Written Options		—		—			—		(100,800	)		—			—
Net Realized and Unrealized Gain (Loss) on Investments		736,010,248		160,935,264			59,473,565		8,505,662			23,734,342			3,388,913
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,312,340,195	$	255,202,329		$	79,027,238	$	9,706,160		$	58,458,270		$	8,436,386

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 105

Statements of Operations  (Cont.) (Unaudited) For the Period Ended September 30, 2016

	DoubleLine Shiller Enhanced CAPE®		DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
INVESTMENT INCOME
Income:
Interest	$	15,426,170	$	5,088,260		$	4,609,055		$	1,346,078		$	39,521		$	1,378,665
Dividends from Unaffiliated Securities		—		—			—			—			—			—
Dividends from Affiliated Securities		—		479,094			—			—			—			—
Foreign Taxes Withheld		—		—			—			—			—			(7,109	)
Total Investment Income		15,426,170		5,567,354			4,609,055			1,346,078			39,521			1,371,556
Expenses:
Investment Advisory Fees		2,455,614		815,607			616,784			197,644			127,921			612,004
Distribution Fees - Class N		299,776		99,834			196,761			26,211			3,250			60,172
Distribution Fees - Class A		—		—			—			—			—			—
Transfer Agent Expenses		341,983		113,975			193,672			42,513			36,352			95,212
Administration, Fund Accounting and Custodian Fees		169,872		86,565			31,378			7,468			1,819			41,360
Registration Fees		56,685		49,303			28,780			20,179			43,532			29,604
Shareholder Reporting Expenses		18,346		7,792			16,655			—			11,190			14,640
Professional Fees		74,558		35,032			29,864			22,653			22,033			50,802
Insurance Expenses		4,288		1,515			2,110			1,244			—			1,098
Trustees Fees		4,107		1,286			1,067			451			10			85
Miscellaneous Expenses		3,541		4,735			12,932			2			6,112			20,018
Total Expenses		3,428,770		1,215,644			1,130,003			318,365			252,219			924,995
Less: Investment Advisory Fees (Waived)		—		(74,159	)		—			—			—			—
Less: Fees (Waived)/Recouped		418,007		(37,152	)		(205,414	)		(35,217	)		(92,618	)		(13,273	)
Net Expenses		3,846,777		1,104,333			924,589			283,148			159,601			911,722
Net Investment Income (Loss)		11,579,393		4,463,021			3,684,466			1,062,930			(120,080	)		459,834
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		1,679,545		1,153,922			464,300			433,279			(4,383	)		914,207
Investments in Affiliated Securities		—		—			—			—			—			—
Short Term Investments		—		—			—			—			—			—
Foreign Currency		—		—			—			—			—			(209,869	)
Forwards		—		—			—			—			—			—
Futures		—		—			—			—			—			—
Swaps		35,142,943		—			—			—			1,827,380			—
Written Options		—		—			—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		8,667,020		5,629,404			6,242,878			3,091,610			—			3,491,902
Investments in Affiliated Securities		—		335,458			—			—			—			—
Short Term Investments		—		—			—			—			3,970			—
Foreign Currency		—		—			—			—			—			2,545
Forwards		—		—			—			—			—			—
Futures		—		—			—			—			—			—
Swaps		63,238,115		—			—			—			(103,029	)		—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—		—			—			—			—			(20,204	)
Written Options		—		—			—			—			—			—
Net Realized and Unrealized Gain (Loss) on Investments		108,727,623		7,118,784			6,707,178			3,524,889			1,723,938			4,178,581
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	120,307,016	$	11,581,805		$	10,391,644		$	4,587,819		$	1,603,858		$	4,638,415

106 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

For the Period Ended September 30, 2016

	DoubleLine Infrastructure Income Fund1			DoubleLine Ultra Short Bond Fund2
INVESTMENT INCOME
Income:
Interest	$	677,789		$	5,502
Dividends from Unaffiliated Securities		67,143			—
Dividends from Affiliated Securities		—			—
Foreign Taxes Withheld		—			—
Total Investment Income		744,932			5,502
Expenses:
Investment Advisory Fees		118,971			2,524
Distribution Fees - Class N		159			63
Distribution Fees - Class A		—			—
Transfer Agent Expenses		42,845			18,447
Administration, Fund Accounting and Custodian Fees		17,626			4,218
Registration Fees		23,934			16,150
Shareholder Reporting Expenses		14,959			10,073
Professional Fees		67,315			30,656
Insurance Expenses		—			—
Trustees Fees		759			379
Miscellaneous Expenses		3,989			2,687
Total Expenses		290,557			85,197
Less: Investment Advisory Fees (Waived)		—			—
Less: Fees (Waived)/Recouped		(135,734	)		(80,717	)
Net Expenses		154,823			4,480
Net Investment Income (Loss)		590,109			1,022
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		71,925			—
Investments in Affiliated Securities		—			—
Short Term Investments		—			—
Foreign Currency		—			—
Forwards		—			—
Futures		—			—
Swaps		—			—
Written Options		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		873,237			—
Investments in Affiliated Securities		—			—
Short Term Investments		—			536
Foreign Currency		—			—
Forwards		—			—
Futures		—			—
Swaps		—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—
Written Options		—			—
Net Realized and Unrealized Gain (Loss) on Investments		945,162			536
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,535,271		$	1,558

¹  Commencement of operations on April 1, 2016.

²  Commencement of operations on June 30, 2016.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 107

Statements of Changes in Net Assets September 30, 2016

	DoubleLine Total Return Bond Fund						DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	576,329,947		$	1,613,496,446		$	94,267,065		$	150,307,900
Net Realized Gain (Loss) on Investments		55,223,570			(9,092,364	)		40,608,307			(16,033,579	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		680,786,678			(387,300,695	)		120,326,957			(50,950,201	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,312,340,195			1,217,103,387			255,202,329			83,324,120
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(870,616,751	)		(1,592,585,033	)		(86,705,713	)		(138,890,859	)
Class N		(203,175,684	)		(378,136,485	)		(13,820,776	)		(24,114,624	)
Total Distributions to Shareholders		(1,073,792,435	)		(1,970,721,518	)		(100,526,489	)		(163,005,483	)
NET SHARE TRANSACTIONS
Class I		3,402,961,945			10,394,862,523			1,257,799,529			1,775,047,253
Class N		399,027,370			2,465,195,792			107,261,513			353,195,271
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		3,801,989,315			12,860,058,315			1,365,061,042			2,128,242,524
Total Increase (Decrease) in Net Assets	$	4,040,537,075		$	12,106,440,184		$	1,519,736,882		$	2,048,561,161
NET ASSETS
Beginning of Period	$	57,833,048,022		$	45,726,607,838		$	6,067,255,212		$	4,018,694,051
End of Period	$	61,873,585,097		$	57,833,048,022		$	7,586,992,094		$	6,067,255,212
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(492,072,130	)	$	5,390,358		$	(6,209,163	)	$	50,261

108 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	19,553,673		$	42,670,585		$	1,200,498		$	3,549,336
Net Realized Gain (Loss) on Investments		4,362,107			(144,365	)		2,462,834			(4,955,139	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		55,111,458			(63,306,418	)		6,042,828			(4,638,104	)
Net Increase (Decrease) in Net Assets Resulting from Operations		79,027,238			(20,780,198	)		9,706,160			(6,043,907	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(14,974,512	)		(32,607,064	)		(792,403	)		(2,028,228	)
Class N		(4,677,163	)		(10,765,477	)		—			—
Class A		—			—			(2,017,469	)		(4,345,777	)
From Net Realized Gain
Class I		—			—			—			(484,512	)
Class A		—			—			—			(1,359,935	)
Total Distributions to Shareholders		(19,651,675	)		(43,372,541	)		(2,809,872	)		(8,218,452	)
NET SHARE TRANSACTIONS
Class I		124,826,813			58,855,393			(1,994,839	)		3,592,084
Class N		1,507,554			(18,081,083	)		—			—
Class A		—			—			(9,810,029	)		39,447,910
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		126,334,367			40,774,310			(11,804,868	)		43,039,994
Total Increase (Decrease) in Net Assets	$	185,709,930		$	(23,378,429	)	$	(4,908,580	)	$	28,777,635
NET ASSETS
Beginning of Period	$	749,510,888		$	772,889,317		$	155,880,995		$	127,103,360
End of Period	$	935,220,818		$	749,510,888		$	150,972,415		$	155,880,995
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(524,858	)	$	(426,856	)	$	(1,485,906	)	$	123,468

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 109

Statements of Changes in Net Assets  (Cont.) September 30, 2016

	DoubleLine Low Duration Bond Fund						DoubleLine Floating Rate Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	34,723,928		$	57,374,597		$	5,047,473		$	12,054,620
Net Realized Gain (Loss) on Investments		3,233,479			(2,621,104	)		(88,483	)		(8,862,940	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		20,500,863			(29,463,795	)		3,477,396			(3,455,753	)
Net Increase (Decrease) in Net Assets Resulting from Operations		58,458,270			25,289,698			8,436,386			(264,073	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(22,961,612	)		(37,160,611	)		(3,935,885	)		(9,859,110	)
Class N		(13,922,556	)		(25,796,298	)		(1,184,605	)		(2,288,730	)
Total Distributions to Shareholders		(36,884,168	)		(62,956,909	)		(5,120,490	)		(12,147,840	)
NET SHARE TRANSACTIONS
Class I		205,464,053			577,796,275			(13,244,877	)		(71,003,853	)
Class N		96,684,560			29,948,738			(3,168,595	)		23,838,413
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		302,148,613			607,745,013			(16,413,472	)		(47,165,440	)
Total Increase (Decrease) in Net Assets	$	323,722,715		$	570,077,802		$	(13,097,576	)	$	(59,577,353	)
NET ASSETS
Beginning of Period	$	2,885,245,851		$	2,315,168,049		$	301,893,060		$	361,470,413
End of Period	$	3,208,968,566		$	2,885,245,851		$	288,795,484		$	301,893,060
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(2,639,407	)	$	(479,167	)	$	(14,671	)	$	58,346

110 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Shiller Enhanced CAPE®						DoubleLine Flexible Income Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	11,579,393		$	15,019,154		$	4,463,021		$	6,940,921
Net Realized Gain (Loss) on Investments		36,822,488			6,344,146			1,153,922			(1,326,954	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		71,905,135			24,786,684			5,964,862			(8,081,670	)
Net Increase (Decrease) in Net Assets Resulting from Operations		120,307,016			46,149,984			11,581,805			(2,467,703	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(9,967,153	)		(13,392,963	)		(3,449,216	)		(5,784,363	)
Class N		(2,482,398	)		(3,099,774	)		(1,425,182	)		(2,055,590	)
From Net Realized Gain
Class I		—			(7,556,918	)		—			—
Class N		—			(1,947,414	)		—			—
Total Distributions to Shareholders		(12,449,551	)		(25,997,069	)		(4,874,398	)		(7,839,953	)
NET SHARE TRANSACTIONS
Class I		359,790,588			356,497,043			44,022,156			110,612,477
Class N		85,873,320			103,229,298			35,303,986			38,237,268
Class A		—			—			—			—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		445,663,908			459,726,341			79,326,142			148,849,745
Total Increase (Decrease) in Net Assets	$	553,521,373		$	479,879,256		$	86,033,549		$	138,542,089
NET ASSETS
Beginning of Period	$	860,293,042		$	380,413,786		$	223,469,767		$	84,927,678
End of Period	$	1,413,814,415		$	860,293,042		$	309,503,316		$	223,469,767
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(890,771	)	$	(20,613	)	$	(410,140	)	$	1,237

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 111

Statements of Changes in Net Assets  (Cont.) September 30, 2016

	DoubleLine Low Duration Emerging Markets Fixed Income Fund						DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	3,684,466		$	5,718,160		$	1,062,930		$	2,042,122
Net Realized Gain (Loss) on Investments		464,300			167,007			433,279			(929,778	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		6,242,878			(5,014,819	)		3,091,610			1,032,041
Net Increase (Decrease) in Net Assets Resulting from Operations		10,391,644			870,348			4,587,819			2,144,385
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(1,404,975	)		(2,508,967	)		(810,093	)		(1,548,525	)
Class N		(2,288,140	)		(3,421,817	)		(266,241	)		(503,394	)
From Net Realized Gain
Class I		—			—			—			(76,976	)
Class N		—			—			—			(26,240	)
Total Distributions to Shareholders		(3,693,115	)		(5,930,784	)		(1,076,334	)		(2,155,135	)
NET SHARE TRANSACTIONS		44,851,231						(628,213	)
Class I		91,808,007			4,024,591			(4,990,373	)		709,097
Class N		—			42,324,640			—			6,094,941
Class A		—			—			—			—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		136,659,238			46,349,231			(5,618,586	)		6,804,038
Total Increase (Decrease) in Net Assets	$	143,357,767		$	41,288,795		$	(2,107,101	)	$	6,793,288
NET ASSETS
Beginning of Period	$	185,599,118		$	144,310,323		$	82,605,756		$	75,812,468
End of Period	$	328,956,885		$	185,599,118		$	80,498,655		$	82,605,756
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(170,630	)	$	(161,981	)	$	(6,343	)	$	7,061

112 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Strategic Commodity Fund (Consolidated)						DoubleLine Global Bond Fund
	Period Ended September 30, 2016 (Unaudited)			Period Ended March 31, 20161			Period Ended September 30, 2016 (Unaudited)			Period Ended March 31, 20162
OPERATIONS
Net Investment Income (Loss)	$	(120,080	)	$	(163,838	)	$	459,834		$	189,083
Net Realized Gain (Loss) on Investments		1,822,997			(525,917	)		704,338			391,350
Net Change in Unrealized Appreciation (Depreciation) on Investments		(99,059	)		442,706			3,474,243			5,083,538
Net Increase (Decrease) in Net Assets Resulting from Operations		1,603,858			(247,049	)		4,638,415			5,663,971
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(169,986	)		—			(598,365	)		(169,086	)
Class N		(12,617	)		—			(82,722	)		(28,179	)
From Net Realized Gain
Class I		—			(8,845	)		—			—
Class N		—			(243	)		—			—
Total Distributions to Shareholders		(182,603	)		(9,088	)		(681,087	)		(197,265	)
NET SHARE TRANSACTIONS
Class I		(24,306,131	)		28,243,359			130,958,126			90,111,915
Class N		2,519,364			1,431,242			13,300,476			40,989,531
Class A		—			—			—			—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(21,786,767	)		29,674,601			144,258,602			131,101,446
Total Increase (Decrease) in Net Assets	$	(20,365,512	)	$	29,418,464		$	148,215,930		$	136,568,152
NET ASSETS
Beginning of Period	$	29,418,464		$	—		$	136,568,152		$	—
End of Period	$	9,052,952		$	29,418,464		$	284,784,082		$	136,568,152
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(122,549	)	$	180,134		$	(61,745	)	$	159,508

¹  Commencement of operations on May 18, 2015.

²  Commencement of operations on December 17, 2015.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 113

Statements of Changes in Net Assets  (Cont.) September 30, 2016

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 20161 (Unaudited)			Period Ended September 30, 20162 (Unaudited)
OPERATIONS
Net Investment Income (Loss)	$	590,109		$	1,022
Net Realized Gain (Loss) on Investments		71,925			—
Net Change in Unrealized Appreciation (Depreciation) on Investments		873,237			536
Net Increase (Decrease) in Net Assets Resulting from Operations		1,535,271			1,558
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(574,305	)		(992	)
Class N		(1,328	)		—
Total Distributions to Shareholders		(575,633	)		(992	)
NET SHARE TRANSACTIONS
Class I		83,619,996			4,970,592
Class N		256,726			100,000
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		83,876,722			5,070,592
Total Increase (Decrease) in Net Assets	$	84,836,360		$	5,071,158
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	84,836,360		$	5,071,158
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	14,476		$	30

¹ Commencement of operations on April 1, 2016.

² Commencement of operations on June 30, 2016.

114 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Financial Highlights September 30, 2016

	DoubleLine Total Return Bond Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014				Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	Class I			Class I			Class I			Class I				Class I			Class I			Class N			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.87		$	11.04		$	10.90		$	11.34			$	11.17		$	10.96		$	10.87		$	11.04		$	10.89		$	11.33		$	11.16		$	10.96
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.18			0.35			0.41			0.42				0.46			0.77			0.15			0.33			0.40			0.39			0.44			0.73
Net Gain (Loss) on Investments (Realized and Unrealized)		0.07			(0.09	)		0.22			(0.30	)			0.34			0.31			0.07			(0.09	)		0.22			(0.30	)		0.34			0.31
Total from Investment Operations		0.25			0.26			0.63			0.12				0.80			1.08			0.22			0.24			0.62			0.09			0.78			1.04
Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.43	)		(0.49	)		(0.56	)			(0.63	)		(0.87	)		(0.18	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)		(0.84	)
Total Distributions		(0.20	)		(0.43	)		(0.49	)		(0.56	)			(0.63	)		(0.87	)		(0.18	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)		(0.84	)
Net Asset Value, End of Period	$	10.92		$	10.87		$	11.04		$	10.90			$	11.34		$	11.17		$	10.91		$	10.87		$	11.04		$	10.89		$	11.33		$	11.16
Total Return		2.28%	2		2.45%			5.93%			1.13%				7.37%			10.18%			2.06%	2		2.20%			5.76%			0.88%			7.11%			9.83%
Supplemental Data:
Net Assets, End of Period (000’s)	$	49,675,181		$	46,082,294		$	36,286,609		$	24,631,306			$	30,398,069		$	16,226,569		$	12,198,404		$	11,750,754		$	9,439,999		$	7,070,779		$	9,441,917		$	6,115,779
Ratios to Average Net Assets:													��
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%	3		0.47%			0.47%			0.47%				0.48%			0.50%			0.72%	3		0.72%			0.72%			0.72%			0.73%			0.75%
Expenses After Investment Advisory Fees (Waived)		0.47%	3		0.47%			0.47%			0.47%				0.48%			0.50%			0.72%	3		0.72%			0.72%			0.72%			0.73%			0.75%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%	3		0.47%			0.47%			0.48%				0.48%			0.49%			0.72%	3		0.72%			0.72%			0.73%			0.73%			0.74%
Net Investment Income (Loss)		1.95%	3		3.29%			3.74%			3.78%				4.02%			6.86%			1.70%	3		3.04%			3.50%			3.25%			3.76%			6.58%
Portfolio Turnover Rate		9%	2		15%			13%			14%				23%			15%			9%	2		15%			13%			14%			23%			15%

¹  Calculated based on average shares outstanding during the period.

²  Not annualized.

³  Annualized.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 115

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	Class I			Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.87		$	11.10		$	10.88		$	11.29		$	11.06		$	10.46		$	10.86		$	11.10		$	10.87		$	11.28		$	11.05		$	10.46
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.15			0.36			0.39			0.41			0.36			0.50			0.14			0.32			0.37			0.40			0.33			0.47
Net Gain (Loss) on Investments (Realized and Unrealized)		0.27			(0.22	)		0.26			(0.31	)		0.36			0.65			0.27			(0.22	)		0.26			(0.31	)		0.36			0.65
Total from Investment Operations		0.42			0.14			0.65			0.10			0.72			1.15			0.41			0.10			0.63			0.09			0.69			1.12
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.37	)		(0.43	)		(0.47	)		(0.44	)		(0.52	)		(0.15	)		(0.34	)		(0.40	)		(0.46	)		(0.41	)		(0.50	)
Distributions from Net Realized Gain		—			—			—			(0.04	)		(0.05	)		(0.03	)		—			—			—			(0.04	)		(0.05	)		(0.03	)
Total Distributions		(0.16	)		(0.37	)		(0.43	)		(0.51	)		(0.49	)		(0.55	)		(0.15	)		(0.34	)		(0.40	)		(0.50	)		(0.46	)		(0.53	)
Net Asset Value, End of Period	$	11.13		$	10.87		$	11.10		$	10.88		$	11.29		$	11.06		$	11.12		$	10.86		$	11.10		$	10.87		$	11.28		$	11.05
Total Return		3.88%	2		1.31%			6.07%			1.03%			6.53%			11.19%			3.76%	2		0.97%			5.91%			0.77%			6.27%			10.85%
Supplemental Data:
Net Assets, End of Period (000’s)	$	6,503,181		$	5,114,336		$	3,406,628		$	1,351,760		$	1,829,092		$	1,544,169		$	1,083,812		$	952,919		$	612,066		$	383,712		$	731,957		$	539,143
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%	3		0.47%			0.48%			0.51%			0.51%			0.54%			0.72%	3		0.72%			0.73%			0.76%			0.76%			0.79%
Expenses After Investment Advisory Fees (Waived)		0.45%	3		0.46%			0.46%			0.48%			0.51%			0.54%			0.70%	3		0.71%			0.71%			0.73%			0.76%			0.79%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.45%	3		0.46%			0.47%			0.48%			0.50%			0.49%			0.70%	3		0.71%			0.72%			0.73%			0.75%			0.74%
Net Investment Income (Loss)		2.76%	3		3.17%			3.60%			3.76%			3.14%			4.51%			2.51%	3		2.92%			3.39%			3.32%			2.91%			4.22%
Portfolio Turnover Rate		31%	2		70%			65%			53%			83%			81%			31%	2		70%			65%			53%			83%			81%

¹  Calculated based on average shares outstanding during the period.

²  Not annualized.

³  Annualized.

116 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Emerging Markets Fixed Income Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	Class I			Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.68		$	10.23		$	10.48		$	11.03		$	10.70		$	10.57		$	9.68		$	10.23		$	10.48		$	11.03		$	10.70		$	10.57
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.25			0.49			0.55			0.46			0.38			0.58			0.23			0.46			0.52			0.44			0.36			0.55
Net Gain (Loss) on Investments (Realized and Unrealized)		0.72			(0.54	)		(0.24	)		(0.38	)		0.46			0.23			0.72			(0.54	)		(0.24	)		(0.38	)		0.46			0.23
Total from Investment Operations		0.97			(0.05	)		0.31			0.08			0.84			0.81			0.95			(0.08	)		0.28			0.06			0.82			0.78
Less Distributions:
Distributions from Net Investment Income		(0.24	)		(0.50	)		(0.56	)		(0.48	)		(0.38	)		(0.58	)		(0.22	)		(0.47	)		(0.53	)		(0.46	)		(0.36	)		(0.55	)
Distributions from Net Realized Gain		—			—			—			(0.15	)		(0.13	)		(0.10	)		—			—			—			(0.15	)		(0.13	)		(0.10	)
Total Distributions		(0.24	)		(0.50	)		(0.56	)		(0.63	)		(0.51	)		(0.68	)		(0.22	)		(0.47	)		(0.53	)		(0.61	)		(0.49	)		(0.65	)
Net Asset Value, End of Period	$	10.41		$	9.68		$	10.23		$	10.48		$	11.03		$	10.70		$	10.41		$	9.68		$	10.23		$	10.48		$	11.03		$	10.70
Total Return		10.07%	2		(0.48)%			2.90%			0.95%			8.04%			7.96%			9.94%	2		(0.73)%			2.64%			0.69%			7.78%			7.71%
Supplemental Data:
Net Assets, End of Period (000’s)	$	717,599		$	548,221		$	539,542		$	331,790		$	620,479		$	349,926		$	217,622		$	201,290		$	233,347		$	183,977		$	167,750		$	81,484
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.93%	3		0.90%			0.90%			0.92%			0.91%			0.95%			1.18%	3		1.15%			1.15%			1.17%			1.16%			1.20%
Expenses After Investment Advisory Fees (Waived)		0.93%	3		0.90%			0.90%			0.92%			0.91%			0.95%			1.18%	3		1.15%			1.15%			1.17%			1.16%			1.20%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.93%	3		0.90%			0.90%			0.92%			0.91%			0.95%			1.18%	3		1.15%			1.15%			1.17%			1.16%			1.20%
Net Investment Income (Loss)		4.67%	3		4.92%			5.20%			4.40%			3.53%			5.47%			4.45%	3		4.67%			4.95%			4.25%			3.30%			5.26%
Portfolio Turnover Rate		43%	2		75%			67%			79%			105%			177%			43%	2		75%			67%			79%			105%			177%

¹  Calculated based on average shares outstanding during the period.

²  Not annualized.

³  Annualized.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 117

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	Class I			Class I			Class I			Class I			Class I			Class I			Class A			Class A			Class A			Class A			Class A			Class A
Net Asset Value, Beginning of Period	$	8.85		$	9.81		$	10.10		$	9.96		$	10.03		$	10.11		$	8.83		$	9.78		$	10.07		$	9.95		$	10.02		$	10.09
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.09			0.24			0.28			0.18			0.31			0.42			0.07			0.22			0.26			0.12			0.29			0.41
Net Gain (Loss) on Investments (Realized and Unrealized)		0.50			(0.65	)		0.32			0.18			(0.06	)		(0.16	)		0.51			(0.65	)		0.32			0.19			(0.06	)		(0.16	)
Total from Investment Operations		0.59			(0.41	)		0.60			0.36			0.25			0.26			0.58			(0.43	)		0.58			0.31			0.23			0.25
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.44	)		(0.40	)		(0.22	)		(0.32	)		(0.34	)		(0.17	)		(0.41	)		(0.38	)		(0.19	)		(0.30	)		(0.32	)
Distributions from Net Realized Gain		—			(0.11	)		(0.49	)		—			—			—			—			(0.11	)		(0.49	)		—			—			—
Total Distributions		(0.18	)		(0.55	)		(0.89	)		(0.22	)		(0.32	)		(0.34	)		(0.17	)		(0.52	)		(0.87	)		(0.19	)		(0.30	)		(0.32	)
Net Asset Value, End of Period	$	9.26		$	8.85		$	9.81		$	10.10		$	9.96		$	10.03		$	9.24		$	8.83		$	9.78		$	10.07		$	9.95		$	10.02
Total Return4		6.68%	2		(4.29)%			6.22%			3.65%			2.49%			2.67%			6.57%	2		(4.42)%			5.96%			3.28%			2.19%			2.57%
Supplemental Data:
Net Assets, End of Period (000’s)	$	41,917		$	42,075		$	42,796		$	66,292		$	105,114		$	85,073		$	109,056		$	113,806		$	84,307		$	96,734		$	159,714		$	42,261
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.22%	3		1.25%			1.30%			1.33%			1.45%			1.70%			1.47%	3		1.50%			1.55%			1.58%			1.70%			1.95%
Expenses After Investment Advisory Fees (Waived)		1.04%	3		1.12%			1.09%			1.26%			1.35%			1.59%			1.29%	3		1.37%			1.34%			1.51%			1.60%			1.84%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.02%	3		1.07%			0.99%			1.13%			1.10%			1.09%			1.27%	3		1.32%			1.24%			1.38%			1.35%			1.34%
Net Investment Income (Loss)		1.76%	3		2.72%			2.87%			1.67%			3.11%			4.14%			1.49%	3		2.47%			2.66%			1.01%			2.48%			3.88%
Portfolio Turnover Rate		29%	2		56%			86%			150%			88%			48%			29%	2		56%			86%			150%			88%			48%

¹  Calculated based on average shares outstanding during the period.

²  Not annualized.

³  Annualized.

⁴  Total Return does not include the effects of sales charges for Class A.

118 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Low Duration Bond Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Period Ended March 31, 20121			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Period Ended March 31, 20121
	Class I			Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.99		$	10.14		$	10.19		$	10.21		$	10.16		$	10.00		$	9.99		$	10.13		$	10.18		$	10.20		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.13			0.22			0.22			0.15			0.20			0.11			0.11			0.21			0.19			0.13			0.17			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		0.08			(0.12	)		(0.04	)		—			0.09			0.13			0.08			(0.12	)		(0.04	)		—			0.09			0.13
Total from Investment Operations		0.21			0.10			0.18			0.15			0.29			0.24			0.19			0.09			0.15			0.13			0.26			0.22
Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.25	)		(0.23	)		(0.17	)		(0.24	)		(0.08	)		(0.12	)		(0.23	)		(0.20	)		(0.15	)		(0.21	)		(0.07	)
Total Distributions		(0.13	)		(0.25	)		(0.23	)		(0.17	)		(0.24	)		(0.08	)		(0.12	)		(0.23	)		(0.20	)		(0.15	)		(0.21	)		(0.07	)
Net Asset Value, End of Period	$	10.07		$	9.99		$	10.14		$	10.19		$	10.21		$	10.16		$	10.06		$	9.99		$	10.13		$	10.18		$	10.20		$	10.15
Total Return		2.09%	2		1.00%			1.76%			1.51%			2.88%			2.44%	2		1.86%	2		0.85%			1.51%			1.26%			2.64%			2.25%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,941,293		$	1,722,942		$	1,166,438		$	851,771		$	375,840		$	132,117		$	1,267,676		$	1,162,303		$	1,148,730		$	1,062,088		$	237,727		$	85,343
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.43%	3		0.43%			0.45%			0.48%			0.53%			0.94%	3		0.68%	3		0.68%			0.70%			0.73%			0.78%			1.19%	3
Expenses After Investment Advisory Fees (Waived)		0.42%	3		0.42%			0.44%			0.48%			0.53%			0.94%	3		0.67%	3		0.67%			0.69%			0.73%			0.78%			1.19%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.42%	3		0.43%			0.46%			0.47%			0.47%			0.47%	3		0.67%	3		0.68%			0.71%			0.72%			0.72%			0.72%	3
Net Investment Income (Loss)		2.42%	3		2.30%			2.16%			1.46%			1.98%			2.10%	3		2.17%	3		2.05%			1.90%			1.30%			1.70%			1.74%	3
Portfolio Turnover Rate		36%	2		66%			61%			53%			71%			46%	2		36%	2		66%			61%			53%			71%			46%	2

¹  Commencement of operations on September 30, 2011.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 119

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Floating Rate Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Period Ended March 31, 20131			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Period Ended March 31, 20131
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.77		$	10.14		$	10.15		$	10.08		$	10.00		$	9.79		$	10.16		$	10.16		$	10.08		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.18			0.36			0.34			0.27			—			0.16			0.34			0.32			0.25			—
Net Gain (Loss) on Investments (Realized and Unrealized)		0.11			(0.36	)		—			0.04			0.08			0.11			(0.36	)		—			0.05			0.08
Total from Investment Operations		0.29			—			0.34			0.31			0.08			0.27			(0.02	)		0.32			0.30			0.08
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.37	)		(0.34	)		(0.24	)		—			(0.16	)		(0.35	)		(0.31	)		(0.22	)		—
Distributions from Net Realized Gain		—			—			(0.01	)		—			—			—			—			(0.01	)		—			—
Total Distributions		(0.18	)		(0.37	)		(0.35	)		(0.24	)		—			(0.16	)		(0.35	)		(0.32	)		(0.22	)		—
Net Asset Value, End of Period	$	9.88		$	9.77		$	10.14		$	10.15		$	10.08		$	9.90		$	9.79		$	10.16		$	10.16		$	10.08
Total Return		2.96%	2		0.02%			3.36%			3.07%			0.80%	2		2.82%	2		(0.23)%			3.19%			2.93%			0.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	218,868		$	229,612		$	310,368		$	276,737		$	63,436		$	69,927		$	72,281		$	51,103		$	104,320		$	10
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.70%	3		0.65%			0.67%			0.73%			2.01%	3		0.95%	3		0.90%			0.92%			0.98%			2.26%	3
Expenses After Investment Advisory Fees (Waived)		0.70%	3		0.65%			0.67%			0.73%			2.01%	3		0.95%	3		0.90%			0.92%			0.98%			2.26%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.70%	3		0.65%			0.70%			0.73%			0.75%	3		0.95%3			0.90%			0.95%			0.98%			1.00%	3
Net Investment Income (Loss)		3.54%	3		3.70%			3.35%			2.68%			(0.13)%	3		3.29%	3		3.45%			3.06%			2.68%			(0.13)%	3
Portfolio Turnover Rate		44%	2		70%			84%			66%			20%	2		44%	2		70%			84%			66%			20%	2

¹  Commencement of operations on February 1, 2013.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

120 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Shiller Enhanced CAPE®
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31,  20141			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31,  20141
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	12.32		$	12.13		$	10.68		$	10.00		$	12.31		$	12.12		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.14			0.32			0.34			0.11			0.12			0.29			0.30			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		1.28			0.40			1.45			0.67			1.28			0.40			1.45			0.67
Total from Investment Operations		1.42			0.72			1.79			0.78			1.40			0.69			1.75			0.77
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.34	)		(0.34	)		(0.10	)		(0.13	)		(0.31	)		(0.31	)		(0.09	)
Distributions from Net Realized Gain		—			(0.19	)		—	5		—			—			(0.19	)		—	5		—
Total Distributions		(0.15	)		(0.53	)		(0.34	)		(0.10	)		(0.13	)		(0.50	)		(0.31	)		(0.09	)
Net Asset Value, End of Period	$	13.59		$	12.32		$	12.13		$	10.68		$	13.58		$	12.31		$	12.12		$	10.68
Total Return		11.57%	2		6.09%			16.96%			7.83%	2		11.44%	2		5.84%			16.60%			7.73%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,117,008		$	673,308		$	301,580		$	30,061		$	296,807		$	186,985		$	78,834		$	10,714
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.58%	3		0.63%			0.82%			4.98%	3		0.83%	3		0.88%			1.07%			5.23%	3
Expenses After Investment Advisory Fees (Waived)		0.58%	3		0.63%			0.79%			4.72%	3		0.83%	3		0.88%			1.04%			4.97%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%	3		0.63%			0.62%			0.39%	3		0.90%	3		0.88%			0.87%			0.64%	3
Net Investment Income (Loss)		2.18%	3		2.66%			2.89%			2.64%	3		1.93%	3		2.41%			2.63%			2.35%	3
Portfolio Turnover Rate		43%	2		67%			68%			120%	2		43%	2		67%			68%			120%	2

¹  Commencement of operations on October 31, 2013.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 121

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Flexible Income Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended March 31, 20151			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.55		$	9.99		$	10.00		$	9.55		$	9.99		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.17			0.36			0.42			0.16			0.34			0.40
Net Gain (Loss) on Investments (Realized and Unrealized)		0.27			(0.40	)		(0.04	)		0.27			(0.40	)		(0.04	)
Total from Investment Operations		0.44			(0.04	)		0.38			0.43			(0.06	)		0.36
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.40	)		(0.39	)		(0.17	)		(0.38	)		(0.37	)
Total Distributions		(0.18	)		(0.40	)		(0.39	)		(0.17	)		(0.38	)		(0.37	)
Net Asset Value, End of Period	$	9.81		$	9.55		$	9.99		$	9.81		$	9.55		$	9.99
Total Return		4.64%	2		(0.43)%			3.85%	2		4.51%	2		(0.66)%			3.63%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	209,302		$	160,590		$	57,511		$	100,202		$	62,880		$	27,417
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.85%	3		0.87%			1.33%	3		1.10%	3		1.12%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.79%	3		0.82%			1.27%	3		1.04%	3		1.07%			1.52%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.77%	3		0.77%			0.76%	3		1.02%	3		1.02%			1.01%	3
Net Investment Income (Loss)		3.49%	3		3.75%			4.26%	3		3.19%	3		3.50%			4.08%	3
Portfolio Turnover Rate		26%	2		42%			55%	2		26%	2		42%			55%	2

¹  Commencement of operations on April 7, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

122 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended March 31, 20151			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.59		$	9.83		$	10.00		$	9.60		$	9.84		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.15			0.33			0.37			0.14			0.31			0.35
Net Gain (Loss) on Investments (Realized and Unrealized)		0.32			(0.23	)		(0.17	)		0.32			(0.23	)		(0.17	)
Total from Investment Operations		0.47			0.10			0.20			0.46			0.08			0.18
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.34	)		(0.36	)		(0.14	)		(0.32	)		(0.33	)
Distributions from Net Realized Gain		—			—			(0.01	)		—			—			(0.01	)
Total Distributions		(0.15	)		(0.34	)		(0.37	)		(0.14	)		(0.32	)		(0.34	)
Net Asset Value, End of Period	$	9.91		$	9.59		$	9.83		$	9.92		$	9.60		$	9.84
Total Return		4.93%	2		1.06%			1.92%	2		4.80%	2		0.82%			1.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	114,114		$	66,797		$	64,891		$	214,843		$	118,802		$	79,419
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.76%	3		0.84%			0.91%	3		1.01%	3		1.09%			1.16%	3
Expenses After Investment Advisory Fees (Waived)		0.76%	3		0.84%			0.91%	3		1.01%	3		1.09%			1.16%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.59%	3		0.59%			0.59%	3		0.84%	3		0.84%			0.84%	3
Net Investment Income (Loss)		3.17%	3		3.44%			3.80%	3		2.90%	3		3.19%			3.58%	3
Portfolio Turnover Rate		30%	2		39%			21%	2		30%	2		39%			21%	2

¹  Commencement of operations on April 7, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 123

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended March 31, 20151			Period Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.40		$	10.43		$	10.00		$	10.39		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.14			0.29			0.10			0.13			0.26			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		0.50			(0.02	)		0.41			0.50			(0.02	)		0.41
Total from Investment Operations		0.64			0.27			0.51			0.63			0.24			0.50
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.29	)		(0.08	)		(0.14	)		(0.26	)		(0.08	)
Distributions from Net Realized Gain		—			(0.01	)		—			—			(0.01	)		—
Total Distributions		(0.15	)		(0.30	)		(0.08	)		(0.14	)		(0.27	)		(0.08	)
Net Asset Value, End of Period	$	10.89		$	10.40		$	10.43		$	10.88		$	10.39		$	10.42
Total Return		6.18%	2		2.76%			5.15%	2		6.05%	2		2.51%			4.99%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	58,819		$	56,843		$	56,240		$	21,679		$	25,763		$	19,572
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.74%	3		0.84%			1.33%	3		0.99%	3		1.09%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.74%	3		0.84%			1.33%	3		0.99%	3		1.09%			1.58%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%	3		0.65%			0.65%	3		0.90%	3		0.90%			0.90%	3
Net Investment Income (Loss)		2.77%	3		2.87%			3.02%	3		2.50%	3		2.62%			3.00%	3
Portfolio Turnover Rate		64%	2		52%			72%	2		64%	2		52%			72%	2

¹  Commencement of operations on December 15, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

124 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Strategic Commodity Fund (Consolidated)
	Period Ended September 30, 2016 (Unaudited)			Period Ended March 31, 20161			Period Ended September 30, 2016 (Unaudited)			Period Ended March 31, 20161
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	8.69		$	10.00		$	8.67		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		(0.03	)		(0.07	)		(0.05	)		(0.09	)
Net Gain (Loss) on Investments (Realized and Unrealized)		0.57			(1.24	)		0.57			(1.24	)
Total from Investment Operations		0.54			(1.31	)		0.52			(1.33	)
Less Distributions:
Distributions from Net Investment Income		(0.05	)		—			(0.05	)		—
Distributions from Net Realized Gain		—			—	5		—			—	5
Total Distributions		(0.05	)		—	5		(0.05	)		—	5
Net Asset Value, End of Period	$	9.18		$	8.69		$	9.14		$	8.67
Total Return		6.19%	2		(13.07)%	2		5.92%	2		(13.27)%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	5,021		$	27,997		$	4,032		$	1,421
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.72%	3		4.42%	3		1.97%	3		4.67%	3
Expenses After Investment Advisory Fees (Waived)		1.72%	3		4.42%	3		1.97%	3		4.67%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.10%	3		1.06%	3		1.35%	3		1.31%	3
Net Investment Income (Loss)		(0.82)%	3		(1.05)%	3		(1.08)%	3		(1.30)%	3
Portfolio Turnover Rate		0%	2		0%	2		0%	2		0%	2

¹  Commencement of operations on May 18, 2015.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

The accompanying notes are an��integral part of these financial statements. Semi-Annual Report September 30, 2016 125

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Global Bond Fund
	Period Ended September 30, 2016 (Unaudited)			Period Ended March 31, 20161			Period Ended September 30, 2016 (Unaudited)			Period Ended March 31, 20161
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.49		$	10.00		$	10.49		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.02			0.02			0.01			0.02
Net Gain (Loss) on Investments (Realized and Unrealized)		0.20			0.49			0.20			0.49
Total from Investment Operations		0.22			0.51			0.21			0.51
Less Distributions:
Distributions from Net Investment Income		(0.03	)		(0.02	)		(0.02	)		(0.02	)
Total Distributions		(0.03	)		(0.02	)		(0.02	)		(0.02	)
Net Asset Value, End of Period	$	10.68		$	10.49		$	10.68		$	10.49
Total Return		2.12%	2		5.11%	2		1.99%	2		5.07%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	228,766		$	94,631		$	56,019		$	41,937
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.71%	3		1.29%	3		0.96%	3		1.54%	3
Expenses After Investment Advisory Fees (Waived)		0.71%	3		1.29%	3		0.96%	3		1.54%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.70%	3		0.70%	3		0.95%	3		0.95%	3
Net Investment Income (Loss)		0.43%	3		0.83%	3		0.18%	3		0.58%	3
Portfolio Turnover Rate		31%	2		13%	2		31%	2		13%	2

¹  Commencement of operations on December 17, 2015.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

126 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2016

	DoubleLine Infrastructure Income Fund
	Period Ended September 30, 20161 (Unaudited)			Period Ended September 30, 20161 (Unaudited)
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.12			0.11
Net Gain (Loss) on Investments (Realized and Unrealized)		0.23			0.23
Total from Investment Operations		0.35			0.34
Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.08	)
Total Distributions		(0.09	)		(0.08	)
Net Asset Value, End of Period	$	10.26		$	10.26
Total Return		3.55%	2		3.42%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	84,577		$	260
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.22%	3		1.47%	3
Expenses After Investment Advisory Fees (Waived)		1.22%	3		1.47%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%	3		0.90%	3
Net Investment Income (Loss)		2.49%	3		2.26%	3
Portfolio Turnover Rate		18%	2		18%	2

¹  Commencement of operations on April 1, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2016 127

Financial Highlights  (Cont.) September 30, 2016

	DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 20161 (Unaudited)			Period Ended September 30, 20161 (Unaudited)
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		—	5		—	5
Net Gain (Loss) on Investments (Realized and Unrealized)		—	5		—	5
Total from Investment Operations		—	5		—	5
Less Distributions:
Distributions from Net Investment Income		—	5		—	5
Total Distributions		—	5		—	5
Net Asset Value, End of Period	$	10.00		$	10.00
Total Return		0.02%	2		0.00%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	4,971		$	100
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		6.84%	3		7.09%	3
Expenses After Investment Advisory Fees (Waived)		6.84%	3		7.09%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.35%	3		0.60%	3
Net Investment Income (Loss)		0.09%	3		(0.16)%	3
Portfolio Turnover Rate		0%	2		0%	2

¹  Commencement of operations on June 30, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

128 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements (Unaudited) September 30, 2016

1.  Organization

DoubleLine Funds Trust, a Delaware statutory trust (the “Trust”), is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 15 funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Selective Credit Fund, Doubleline Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund and DoubleLine Ultra Short Bond Fund (each, a “Fund” and, collectively, the “Funds”). For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund’s separate annual report.

The Funds’ investment objectives and commencement of operations of each share class are as follows:

		Commencement of Operations
Fund Name	Investment Objective	I Shares		N Shares		A Shares
DoubleLine Total Return Bond Fund	Maximize total return		4/6/2010		4/6/2010		—
DoubleLine Core Fixed Income Fund	Maximize current income and total return		6/1/2010		6/1/2010		—
DoubleLine Emerging Markets Fixed Income Fund	Seek high total return from current income and capital appreciation		4/6/2010		4/6/2010		—
DoubleLine Multi-Asset Growth Fund (Consolidated)	Seek long-term capital appreciation		12/20/2010		—		12/20/2010
DoubleLine Low Duration Bond Fund	Seek current income		9/30/2011		9/30/2011		—
DoubleLine Floating Rate Fund	Seek high level of current income		2/1/2013		2/1/2013		—
DoubleLine Shiller Enhanced CAPE®	Seek total return which exceeds the total return of its benchmark index		10/31/2013		10/31/2013		—
DoubleLine Flexible Income Fund	Seek long-term total return while striving to generate current income		4/7/2014		4/7/2014		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Seek long-term total return		4/7/2014		4/7/2014		—
DoubleLine Long Duration Total Return Bond Fund	Seek long-term total return		12/15/2014		12/15/2014		—
DoubleLine Strategic Commodity Fund (Consolidated)	Seek long-term total return		5/18/2015		5/18/2015		—
DoubleLine Global Bond Fund	Seek long-term total return		12/17/2015		12/17/2015		—
DoubleLine Infrastructure Income Fund	Seek long-term total return while striving to generate  current income		4/1/2016		4/1/2016		—
DoubleLine Ultra Short Bond Fund	Seek to provide a level of current income consistent with limited price volatility		6/30/2016		6/30/2016		—

2.  Significant Accounting Policies

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation. The Funds have adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• Level 1—Unadjusted quoted market prices in active markets for identical securities

• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data

• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

Assets and liabilities may be transferred between levels. The Funds use end of period timing recognition to account for any transfers.

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Funds are authorized to invest. However, these classifications are not exclusive, and

Semi-Annual Report September 30, 2016 129

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3.

Fixed-income class	Examples of Inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities	Standard inputs and underlying equity of the issuer
US bonds and notes of government and government agencies	Standard inputs
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations)	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loans	Standard inputs

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in private investment funds typically will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy. As of September 30, 2016, the Funds did not hold any investments in private investment funds.

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, futures, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees (the “Board”). The valuation committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The valuation committee and the pricing group are authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are deemed to be unreliable indicators of market or fair value.

130 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of September 30, 2016¹:

Category	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)		DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund
Investments in Securities
Level 1
Money Market Funds	$	768,094,464	$	360,934,014	$	41,901,552	$	43,292,083	$	94,325,742	$	16,361,649
Affiliated Mutual Funds		—		326,609,815		—		44,280,832		49,550,000		—
Exchange Traded Funds and Common Stock		—		—		—		21,039,938		—		—
Real Estate Investment Trusts		—		—		—		4,892,515		—		—
Purchased Options		—		—		—		590,420		—		—
Total Level 1		768,094,464		687,543,829		41,901,552		114,095,788		143,875,742		16,361,649
Level 2
US Government / Agency Mortgage Backed Obligations		30,278,512,281		1,436,014,864		—		5,620,233		56,350,459		—
Non-Agency Residential Collateralized Mortgage Obligations		12,515,977,254		588,875,106		—		10,727,827		342,129,389		—
Other Short Term Investments		7,279,984,940		—		—		4,998,735		—		—
Non-Agency Commercial Mortgage Backed Obligations		4,622,376,256		538,622,078		—		—		612,036,082		—
Collateralized Loan Obligations		2,769,849,279		252,028,770		—		5,574,887		628,969,146		—
US Government and Agency Obligations		2,146,779,834		1,916,897,688		—		—		354,072,220		—
Asset Backed Obligations		1,624,536,209		145,807,768		—		3,029,260		181,268,782		—
US Corporate Bonds		—		1,027,862,300		—		—		285,866,448		2,035,000
Foreign Corporate Bonds		—		728,399,453		807,875,663		—		530,765,730		—
Bank Loans		—		183,345,596		—		—		—		281,009,517
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		—		60,519,484		72,666,415		—		36,432,374		—
Municipal Bonds		—		10,921,725		—		1,640,625		—		—
Total Level 2		61,238,016,053		6,889,294,832		880,542,078		31,591,567		3,027,890,630		283,044,517
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		184,422,186		4,720,178		—		—		—		—
Asset Backed Obligations		113,435,586		—		—		—		4,975,245		—
Collateralized Loan Obligations		32,802,842		—		—		—		—		—
Total Level 3		330,660,614		4,720,178		—		—		4,975,245		—
Total	$	62,336,771,131	$	7,581,558,839	$	922,443,630	$	145,687,355	$	3,176,741,617	$	299,406,166
Other Financial Instruments
Level 1
Futures Contracts	$	—	$	—	$	—	$	556,350	$	—	$	—
Total Level 1		—		—		—		556,350		—		—
Level 2
Total Return Swaps		—		—		—		2,618,415		—		—
Total Level 2		—		—		—		2,618,415		—		—
Level 3		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	3,174,765	$	—	$	—

Semi-Annual Report September 30, 2016 131

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

Category	DoubleLine Shiller Enhanced CAPE®		DoubleLine Flexible Income Fund		DoubleLine Low Duration Emerging Markets Fixed Income Fund		DoubleLine Long Duration Total Return Bond Fund		DoubleLine Strategic Commodity Fund (Consolidated)		DoubleLine Global Bond Fund
Investments in Securities
Level 1
Money Market Funds	$	110,633,612	$	35,609,995	$	5,800,865	$	1,014,771	$	2,485,610	$	11,559,936
Affiliated Mutual Funds		—		34,540,946		—		—		—		—
Total Level 1		110,633,612		70,150,941		5,800,865		1,014,771		2,485,610		11,559,936
Level 2
US Government and Agency Obligations		233,871,769		20,023,788		—		18,212,509		—		71,272,967
Collateralized Loan Obligations		229,581,912		50,544,384		—		—		—		—
Non-Agency Commercial Mortgage Backed Obligations		218,332,725		36,119,257		—		—		—		—
Non-Agency Residential Collateralized Mortgage Obligations		149,666,800		60,115,031		—		—		—		—
Foreign Corporate Bonds		120,449,725		43,366,745		280,999,323		—		—		—
US Corporate Bonds		101,554,820		15,525,034		—		—		—		—
Asset Backed Obligations		45,467,813		4,181,151		—		—		—		—
US Government / Agency Mortgage Backed Obligations		45,392,067		4,698,197		—		61,463,906		—		—
Bank Loans		28,197,083		—		—		—		—		—
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		10,235,563		4,991,571		39,005,360		—		—		198,963,844
Other Short Term Investments		—		—		—		—		6,395,489		—
Total Level 2		1,182,750,277		239,565,158		320,004,683		79,676,415		6,395,489		270,236,811
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		1,417,901		1,412,944		—		—		—		—
Asset Backed Obligations		—		995,049		—		—		—		—
Total Level 3		1,417,901		2,407,993		—		—		—		—
Total	$	1,294,801,790	$	312,124,092	$	325,805,548	$	80,691,186	$	8,881,099	$	281,796,747
Other Financial Instruments
Level 1	$	—	$	—	$	—	$	—	$	—	$	—
Level 2
Total Return Swaps		108,804,117		—		—		—		—		—
Excess Return Swaps		—		—		—		—		340,903		—
Total Level 2		108,804,117		—		—		—		340,903		—
Level 3		—		—		—		—		—		—
Total	$	108,804,117	$	—	$	—	$	—	$	340,903	$	—

132 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

Category	DoubleLine Infrastructure Income Fund		DoubleLine Ultra Short Bond Fund
Investments in Securities
Level 1
Exchange Traded Funds and Common Stock	$	1,166,815	$	—
Money Market Funds		983,935		108,855
Total Level 1		2,150,750		108,855
Level 2
Asset Backed Obligations		30,031,071		—
US Corporate Bonds		27,060,269		—
Foreign Corporate Bonds		25,212,589		—
US Government and Agency Obligations		—		3,495,869
Commercial Paper		—		1,496,813
Total Level 2		82,303,929		4,992,682
Level 3		—		—
Total	$	84,454,679	$	5,101,537

See the Schedules of Investments for further disaggregation of investment categories.

¹  There were no transfers into or out of Level 1 during the period ended September 30, 2016.

B. Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes has been made.

The Funds may be subject to a nondeductible 4% excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains.

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years, 2016, 2015 and 2014 for the Funds, are those that are open for exam by taxing authorities. As of September 30, 2016, the Funds have no examinations in progress.

Management has analyzed the Funds’ tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year-ended March 31, 2016. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of California. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income is recorded on an accrual basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method except for certain deep discount bonds where management does not expect the par value above the bond’s cost to be fully realized. Dividend income and corporate action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

D. Foreign Currency Translation. The Funds’ books and records are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Investment securities transactions, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds’ do not isolate changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.

Semi-Annual Report September 30, 2016 133

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

E. Dividends and Distributions to Shareholders. With the exception of the DoubleLine Multi-Asset Growth Fund and the DoubleLine Strategic Commodity Fund, dividends from net investment income will be declared and paid monthly. Dividends from the net investment income of the DoubleLine Multi-Asset Growth Fund will be declared and paid quarterly and of the DoubleLine Strategic Commodity Fund will be declared and paid annually. The Funds will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed (accumulated) net investment income (loss), and/or undistributed (accumulated) realized gain (loss). Undistributed (accumulated) net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.

Distributions from investment companies will be classified as investment income or realized gains in the Statements of Operations based on the U.S. income tax characteristics of the distribution if such information is available. In cases where the tax characteristics are not available, such distributions are generally classified as investment income.

F. Use of Estimates. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

G. Share Valuation. The NAV per share of a class of shares of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses) attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds’ NAV is calculated on days when the New York Stock Exchange opens for regular trading (except that the Funds, other than DoubleLine Strategic Commodity Fund, do not calculate their NAV on holidays when the principal U.S. bond markets are closed, such as Columbus Day and Veterans Day).

H. Unfunded Loan Commitments. The Funds may enter into certain credit agreements, of which all or a portion may be unfunded. These commitments are disclosed in the accompanying Schedule of Investments. The Funds are obligated to fund these commitments at the borrower’s discretion. The Funds generally will maintain with their custodian liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments.

I. Guarantees and Indemnifications. Under the Trust’s organizational documents, each Trustee and officer of the Funds is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

J. Basis for Consolidation The DoubleLine Multi-Asset Growth Fund and the DoubleLine Strategic Commodity Fund may invest up to 25% of their total assets in the DoubleLine Cayman Multi-Asset Growth Fund I, Ltd. and DoubleLine Strategic Commodity Ltd. (each, a “Subsidiary” and, collectively, the “Subsidiaries”), respectively. The Subsidiaries, which are organized under the laws of the Cayman Islands, are wholly-owned and controlled by each respective Fund. Each Subsidiary invests in commodity-related investments and other investments. The consolidated financial statements include the accounts and balances of each Fund and its respective Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

As of September 30, 2016, the relationship of the Subsidiary to each respective Fund was as follows:

	DoubleLine Multi-Asset Growth Fund (Consolidated)		DoubleLine Strategic Commodity Fund (Consolidated)
Commencement of Operations		6/15/2011		5/18/2015
Fund Net Assets		150,972,415		9,052,952
Subsidiary % of Fund Net Assets		7.62%		18.86%
Subsidiary Financial Statement Information
Net Assets		11,504,203		1,707,799
Total Income		14,557		9,560
Net Realized Gain/(Loss)		305,603		1,826,969

134 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

K. Other. Each share class of a Fund is charged for those expenses that are directly attributable to that share class. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets or on another reasonable basis. Investment income, expenses which are not class-specific, and realized and unrealized gains and losses are allocated directly to each class based upon the relative net assets of the classes.

3. Related and Other Party Transactions

DoubleLine Capital LP and DoubleLine Commodity LP (each, an “Adviser” and, collectively, the “Advisers”) provide the Funds with investment management services under Investment Management Agreements (the “Agreements”). Under the Agreements, each Adviser manages the investment of the assets of the applicable Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Trust’s business affairs. As compensation for its services, each Adviser is entitled to a monthly fee at the annual rates of the average daily net assets of the Funds (the “Advisory Fee”) in the following table. Each Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds.

Each Adviser has contractually agreed to limit the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. With the exception of DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund and DoubleLine Ultra Short Bond Fund, each Fund’s expense limitation is expected to apply until at least July 31, 2017. DoubleLine Global Bond Fund’s expense limitation agreement is expected to apply until at least November 20, 2017. DoubleLine Infrastructure Income Fund’s expense limitation is expected to apply until at least April 1, 2018 and DoubleLine Ultra Short Bond Fund’s expense limitation is expected to apply until at least June 29, 2018. Each may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

			Expense Caps
	Advisory Fee		I Shares		N Shares		A Shares
DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A
DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A
DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A
DoubleLine Multi-Asset Growth Fund (Consolidated)		1.00%		1.20%		N/A		1.45%
DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		N/A
DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A
DoubleLine Shiller Enhanced CAPE®		0.45%		0.65%		0.90%		N/A
DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		N/A
DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A
DoubleLine Long Duration Total Return Bond Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A
DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A
DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Ultra Short Bond Fund		0.20%		0.35%		0.60%		N/A

To the extent that an Adviser waives its investment advisory fee and/or reimburses a Fund for other ordinary operating expenses, it may seek reimbursement of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or reimbursed. Each Fund must pay its current ordinary operating expenses before each Adviser is entitled to any reimbursement of fees waived and/or expenses reimbursed. Any such reimbursement requested by each Adviser is subject to review by the Board and will be subject to the Fund’s expense limitations in place when the fees were waived or the expenses were reimbursed.

Semi-Annual Report September 30, 2016 135

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

Each Adviser, as applicable, contractually waived a portion of its fees or reimbursed certain operating expenses and may recapture a portion of the amounts no later than the dates as stated in the following table:

	March 31,
	2017		2018		2019		2020
DoubleLine Multi-Asset Growth Fund (Consolidated)	$	283,515	$	133,348	$	68,149	$	11,515
DoubleLine Shiller Enhanced CAPE®		—		232,993		40,888		—
DoubleLine Flexible Income Fund		—		248,339		84,116		37,152
DoubleLine Low Duration Emerging Markets Fixed Income Fund		—		302,278		432,477		205,414
DoubleLine Long Duration Total Return Bond Fund		—		130,444		134,851		35,217
DoubleLine Strategic Commodity Fund (Consolidated)		—		—		526,045		92,618
DoubleLine Global Bond Fund		—		—		132,643		13,273
DoubleLine Infrastructure Income Fund		—		—		—		135,734
DoubleLine Ultra Short Bond Fund		—		—		—		80,717

For the period ended September 30, 2016, each Adviser, as applicable, recouped the amounts shown from the following Funds:

DoubleLine Shiller Enhanced CAPE^® $ 418,007

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the applicable Adviser waived the following fees for the period ended September 30, 2016.

DoubleLine Core Fixed Income Fund	$	639,956
DoubleLine Multi-Asset Growth Fund (Consolidated)		82,390
DoubleLine Low Duration Bond Fund		148,111
DoubleLine Flexible Income Fund		74,159

As of September 30, 2016, greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held	% Owned		Significant Owner
DoubleLine Global Bond Fund		66%	DoubleLine Core Fixed Income Fund
DoubleLine Infrastructure Income Fund		99%	DoubleLine Core Fixed Income Fund
DoubleLine Long Duration Total Return Bond Fund		68%	DoubleLine Core Fixed Income Fund
DoubleLine Floating Rate Fund		10%	DoubleLine Flexible Income Fund
DoubleLine Low Duration Emerging Markets Fixed Income Fund		15%	DoubleLine Low Duration Bond Fund

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties (collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of “large shareholder risk” in the Principal Risks footnote for more information. The Funds’ transfer agent’s register reflects that greater than 25% of the following Funds were held by third-party accounts as of September 30, 2016:

	% Owned
DoubleLine Multi-Asset Growth Fund (Consolidated)		64%

136 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

4.  Distribution, Sales Charge and Redemption Fees

Class N shares and Class A shares of the Funds make payments under a distribution plan (the “Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, each Fund compensates the Fund’s distributor for distribution and related services at an annual rate equal to 0.25% of the average daily net assets of the Fund attributable to its Class N and Class A shares. The fees may be used to pay the Fund’s distributor for distribution services and sales support services provided in connection with Class N and Class A shares.

The Class A shares of DoubleLine Multi-Asset Growth Fund have a maximum sales charge imposed on purchases of 4.25% of the offering price and a maximum contingent deferred sales charge of 0.75% that applies to purchases of $1 million or more of Class A shares if the shares are redeemed within 18 months of purchase.

The DoubleLine Multi-Asset Growth Fund and the DoubleLine Floating Rate Fund each impose redemption fees. Redemption fees are paid to and retained by the Funds to limit the opportunity to market time the Funds and to help offset estimated portfolio transaction costs and other related costs incurred by the Funds as a result of short-term trading. Subject to the exceptions discussed in the Funds’ prospectus, the Funds will apply a redemption fee equal to 1% of the value of any shares redeemed within 90 days of purchase.

5.  Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended September 30, 2016, were as follows:

	All Other				U.S. Government1
	Purchases at Cost		Sales or Maturity Proceeds		Purchases at Cost		Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund	$	8,352,741,774	$	4,711,379,051	$	—	$	—
DoubleLine Core Fixed Income Fund		2,034,794,608		897,728,595		1,383,475,742		1,086,278,298
DoubleLine Emerging Markets Fixed Income Fund		446,542,947		356,500,794		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		28,499,390		26,698,382		—		—
DoubleLine Low Duration Bond Fund		809,641,746		702,344,930		547,823,012		357,313,887
DoubleLine Floating Rate Fund		128,743,444		119,385,218		—		—
DoubleLine Shiller Enhanced CAPE ®		474,722,959		211,754,757		348,906,434		192,148,242
DoubleLine Flexible Income Fund		102,422,545		44,113,435		24,599,723		19,678,612
DoubleLine Low Duration Emerging Markets Fixed Income Fund		205,827,429		73,295,416		—		—
DoubleLine Long Duration Total Return Bond Fund		3,182,412		17,232,206		47,363,676		32,129,222
DoubleLine Strategic Commodity Fund (Consolidated)		—		—		—		—
DoubleLine Global Bond Fund		157,302,115		49,226,901		45,768,945		18,119,668
DoubleLine Infrastructure Income Fund		90,667,208		8,160,343		—		—
DoubleLine Ultra Short Bond Fund		—		—		—		—

¹  U.S. Government transactions are defined as those involving long-term U.S. Treasury bills, bonds and notes.

Semi-Annual Report September 30, 2016 137

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

6. Income Tax Information

The tax character of distributions for the Funds were as follows:

	Period Ended September 30, 2016				Period Ended March 31, 2016
	Ordinary Income		Long Term Capital Gain		Ordinary Income		Long Term Capital Gain
DoubleLine Total Return Bond Fund	$	1,073,792,435	$	—	$	1,970,721,518	$	—
DoubleLine Core Fixed Income Fund		100,526,489		—		163,005,483		—
DoubleLine Emerging Markets Fixed Income Fund		19,651,675		—		43,372,541		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		2,809,872		—		6,392,116		1,826,336
DoubleLine Low Duration Bond Fund		36,884,168		—		62,956,909		—
DoubleLine Floating Rate Fund		5,120,490		—		12,147,840		—
DoubleLine Shiller Enhanced CAPE®		12,449,551		—		16,492,737		9,504,332
DoubleLine Flexible Income Fund		4,874,398		—		7,839,953		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		3,693,115		—		5,930,784		—
DoubleLine Long Duration Total Return Bond Fund		1,076,334		—		2,155,135		—
DoubleLine Strategic Commodity Fund (Consolidated)		182,603		—		9,088		—
DoubleLine Global Bond Fund		681,087		—		197,265		—
DoubleLine Infrastructure Income Fund		575,633		—		N/A		N/A
DoubleLine Ultra Short Bond Fund		992		—		N/A		N/A

The amount and character of tax-basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero.

The cost basis of investments for federal income tax purposes as of September 30, 2016, was as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Tax Cost of Investments	$	61,403,069,796		$	7,461,472,545		$	954,595,351		$	148,940,062		$	3,185,608,688		$	297,330,870
Gross Tax Unrealized Appreciation		1,680,013,558			190,171,098			15,836,934			5,430,085			20,266,662			2,639,915
Gross Tax Unrealized Depreciation		(746,312,223	)		(70,084,804	)		(47,988,655	)		(8,682,792	)		(29,133,733	)		(564,619	)
Net Tax Unrealized Appreciation (Depreciation)		933,701,335			120,086,294			(32,151,721	)		(3,252,707	)		(8,867,071	)		2,075,296

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
Tax Cost of Investments	$	1,296,078,336		$	314,843,850		$	328,100,613		$	74,365,762		$	8,878,355		$	273,270,122
Gross Tax Unrealized Appreciation		118,102,266			2,437,156			3,323,940			6,445,542			476,855			9,871,907
Gross Tax Unrealized Depreciation		(119,378,812	)		(5,156,914	)		(5,619,005	)		(120,118	)		(474,111	)		(1,345,282	)
Net Tax Unrealized Appreciation (Depreciation)		(1,276,546	)		(2,719,758	)		(2,295,065	)		6,325,424			2,744			8,526,625

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund
Tax Cost of Investments	$	83,581,442		$	5,101,001
Gross Tax Unrealized Appreciation		1,069,596			892
Gross Tax Unrealized Depreciation		(196,359	)		(356	)
Net Tax Unrealized Appreciation (Depreciation)		873,237			536

138 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

As of March 31, 2016, the components of accumulated earnings (losses) for income tax purposes were as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income  Fund			DoubleLine Multi-Asset Growth  Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Net Tax Unrealized Appreciation (Depreciation)	$	252,914,657		$	(240,663	)	$	(87,263,179	)	$	(6,506,386	)	$	(29,367,934	)	$	(1,402,100	)
Undistributed Ordinary Income		55,967,639			5,140,904			802,381			1,858,738			1,289,057			462,460
Undistributed Long Term Capital Gains		—			—			—			—			—			—
Total Distributable Earnings		55,967,639			5,140,904			802,381			1,858,738			1,289,057			462,460
Other Accumulated Gains (Losses)		(1,619,330,960	)		(51,931,896	)		(21,280,467	)		(6,451,949	)		(16,574,569	)		(10,270,246	)
Total Accumulated Earnings (Losses)		(1,310,448,664	)		(47,031,655	)		(107,741,265	)		(11,099,597	)		(44,653,446	)		(11,209,886	)

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
Net Tax Unrealized Appreciation (Depreciation)	$	(9,943,566	)	$	(8,684,620	)	$	(8,537,943	)	$	3,233,814		$	(1,226	)	$	5,034,723
Undistributed Ordinary Income		342,767			266,669			253,459			169,102			182,603			456,235
Undistributed Long Term Capital Gains		1,093,807			—			—			—			—			—
Total Distributable Earnings		1,436,574			266,669			253,459			169,102			182,603			456,235
Other Accumulated Gains (Losses)		45,257,487			(2,641,631	)		(330,734	)		(1,104,680	)		441,463			(24,252	)
Total Accumulated Earnings (Losses)		36,750,495			(11,059,582	)		(8,615,218	)		2,298,236			622,840			5,466,706

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after January 1, 2011 will not be subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

As of March 31, 2016, the following capital loss carryforwards were available:

	Capital Loss Carryforward		Expires
DoubleLine Total Return Bond Fund	$	3,709,758		3/31/2019
DoubleLine Total Return Bond Fund		1,439,235,578		Indefinite
DoubleLine Core Fixed Income Fund		39,908,634		Indefinite
DoubleLine Emerging Markets Fixed Income Fund		17,589,919		Indefinite
DoubleLine Multi-Asset Growth Fund (Consolidated)		4,032,425		Indefinite
DoubleLine Low Duration Bond Fund		11,361,393		Indefinite
DoubleLine Floating Rate Fund		2,658,865		Indefinite
DoubleLine Flexible Income Fund		1,343,048		Indefinite
DoubleLine Low Duration Emerging Markets Fixed Income Fund		122,490		Indefinite
DoubleLine Long Duration Total Return Bond Fund		961,222		Indefinite

As of March 31, 2016, the following Funds deferred, on a tax basis, losses of:

	Post-October Loss		Late-Year Loss
DoubleLine Total Return Bond Fund	$	120,453,276	$	—
DoubleLine Core Fixed Income Fund		7,681,763		—
DoubleLine Emerging Markets Fixed Income Fund		3,107,712		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,791,422		—
DoubleLine Low Duration Bond Fund		3,796,325		—
DoubleLine Floating Rate Fund		7,207,267		—
DoubleLine Flexible Income Fund		1,056,635		—
DoubleLine Strategic Commodity Fund (Consolidated)		—		2,456

Semi-Annual Report September 30, 2016 139

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments, foreign currency gains (losses) and consent fee income. For the period ended March 31, 2016, the following table shows the reclassifications made:

	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
DoubleLine Total Return Bond Fund	$	352,842,775		$	(352,842,775	)	$	—
DoubleLine Core Fixed Income Fund		12,249,603			(12,249,603	)		—
DoubleLine Emerging Markets Fixed Income Fund		—			—			—
DoubleLine Multi-Asset Growth Fund (Consolidated)		(2,854	)		(991,213	)		994,067
DoubleLine Low Duration Bond Fund		4,411,649			(4,411,649	)		—
DoubleLine Floating Rate Fund		—			—			—
DoubleLine Shiller Enhanced CAPE®		1,405,596			(1,405,596	)		—
DoubleLine Flexible Income Fund		880,004			(880,004	)		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		43,214			(53,564	)		10,350
DoubleLine Long Duration Total Return Bond Fund		14			1			(15	)
DoubleLine Strategic Commodity Fund (Consolidated)		343,972			535,005			(878,977	)
DoubleLine Global Bond Fund		167,690			(167,690	)		—

7.  Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund												DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2016						Year Ended March 31, 2016						Period Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		822,058,968		$	8,968,342,031			1,762,519,501		$	19,220,239,412			159,586,333		$	1,761,217,388			299,595,407		$	3,249,703,452
Class N		202,017,041			2,202,871,672			475,211,866			5,179,721,681			23,534,973			259,249,138			54,551,178			591,687,811
Reinvested Dividends
Class I		54,728,913			596,733,409			97,679,661			1,064,103,215			5,465,491			60,449,790			9,055,797			98,353,071
Class N		14,889,447			162,293,560			27,160,833			295,814,232			1,157,696			12,792,768			2,022,844			21,944,431
Shares Redeemed
Class I		(564,640,901	)		(6,162,113,495	)		(907,208,165	)		(9,889,480,104	)		(50,977,219	)		(563,867,649	)		(145,001,023	)		(1,573,009,270	)
Class N		(180,211,934	)		(1,966,137,862	)		(276,177,861	)		(3,010,340,121	)		(14,923,973	)		(164,780,393	)		(24,013,524	)		(260,436,971	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		348,841,534		$	3,801,989,315			1,179,185,835		$	12,860,058,315			123,843,301		$	1,365,061,042			196,210,679		$	2,128,242,524

140 DoubleLine Funds Trust

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	DoubleLine Emerging Markets Fixed Income Fund												DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2016						Year Ended March 31, 2016						Period Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		25,027,474		$	254,515,489			55,178,656		$	554,648,724			1,061,501		$	9,596,457			2,500,752		$	22,491,147
Class N		7,448,653			75,950,655			21,032,858			211,676,846			—			—			—			—
Class A		—			—			—			—			2,054,740			18,593,010			8,322,576			75,994,583
Reinvested Dividends
Class I		1,254,358			12,758,272			2,858,479			28,039,810			46,747			423,155			185,849			1,691,777
Class N		357,739			3,636,693			857,976			8,459,813			—			—			—			—
Class A		—			—			—			—			22,696			204,800			211,996			1,914,682
Shares Redeemed
Class I		(13,967,384	)		(142,446,948	)		(54,134,807	)		(523,833,141	)		(1,334,287	)		(12,014,451	)#		(2,298,221	)		(20,590,840	)*
Class N		(7,690,837	)		(78,079,794	)		(23,900,960	)		(238,217,742	)		—			—			—			—
Class A		—			—			—			—			(3,157,742	)		(28,607,839	)#		(4,262,149	)		(38,461,355	)*
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		12,430,003		$	126,334,367			1,892,202		$	40,774,310			(1,306,345	)	$	(11,804,868	)		4,660,803		$	43,039,994
	DoubleLine Low Duration Bond Fund												DoubleLine Floating Rate Fund
	Period Ended September 30, 2016						Year Ended March 31, 2016						Period Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		54,890,298		$	551,823,611			134,933,087		$	1,357,710,671			3,932,714		$	38,752,898			17,393,275		$	174,009,480
Class N		24,080,622			241,917,876			45,028,340			452,716,429			1,432,342			14,135,837			4,824,858			48,272,154
Reinvested Dividends
Class I		1,804,129			18,131,171			2,902,515			29,164,428			196,075			1,930,351			445,232			4,423,456
Class N		1,096,213			11,006,460			2,074,916			20,849,788			77,572			765,263			147,867			1,470,439
Shares Redeemed
Class I		(36,287,250	)		(364,490,729	)		(80,500,458	)		(809,078,824	)		(5,485,071	)		(53,928,126	)~		(24,939,341	)		(249,436,789	)^
Class N		(15,562,091	)		(156,239,776	)		(44,109,966	)		(443,617,479	)		(1,831,146	)		(18,069,695	)~		(2,616,823	)		(25,904,180	)^
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		30,021,921		$	302,148,613			60,328,434		$	607,745,013			(1,677,514	)	$	(16,413,472	)		(4,744,932	)	$	(47,165,440	)
	DoubleLine Shiller Enhanced CAPE®												DoubleLine Flexible Income Fund
	Period Ended September 30, 2016						Year Ended March 31, 2016						Period Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		32,947,619		$	428,317,656			41,453,903		$	494,197,119			6,781,421		$	65,904,973			21,499,928		$	211,974,817
Class N		10,401,504			134,508,553			12,189,003			144,752,851			5,083,516			49,359,919			7,486,460			73,646,868
Reinvested Dividends
Class I		627,581			8,124,816			1,476,805			17,668,300			221,066			2,148,541			447,693			4,361,213
Class N		153,258			1,978,948			373,282			4,466,707			134,182			1,305,341			184,609			1,796,873
Shares Redeemed
Class I		(6,002,881	)		(76,651,884	)		(13,146,855	)		(155,368,376	)		(2,477,194	)		(24,031,358	)		(10,890,962	)		(105,723,553	)
Class N		(3,879,052	)		(50,614,181	)		(3,879,667	)		(45,990,260	)		(1,583,683	)		(15,361,274	)		(3,830,401	)		(37,206,473	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		34,248,029		$	445,663,908			38,466,471		$	459,726,341			8,159,308		$	79,326,142			14,897,327		$	148,849,745

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

	DoubleLine Low Duration Emerging Markets Fixed Income Fund												DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2016						Year Ended March 31, 2016						Period Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		5,742,216		$	56,555,864			5,615,248		$	55,212,165			231,867		$	2,524,536			528,232		$	5,304,239
Class N		10,438,226			103,170,464			7,167,948			70,403,717			1,002,446			10,677,113			1,704,462			17,319,167
Reinvested Dividends
Class I		27,073			265,676			67,638			656,267			5,080			54,603			10,593			106,495
Class N		208,882			2,055,773			313,363			3,026,806			20,389			218,878			46,632			467,544
Shares Redeemed
Class I		(1,218,556	)		(11,970,309	)		(5,317,565	)		(51,843,841	)		(301,852	)		(3,207,352	)		(464,030	)		(4,701,637	)
Class N		(1,363,037	)		(13,418,230	)		(3,175,455	)		(31,105,883	)		(1,509,982	)		(15,886,364	)		(1,149,451	)		(11,691,770	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		13,834,804		$	136,659,238			4,671,177		$	46,349,231			(552,052	)	$	(5,618,586	)		676,438		$	6,804,038
	DoubleLine Strategic Commodity Fund (Consolidated)												DoubleLine Global Bond Fund
	Period Ended September 30, 2016						Period Ended March 31, 2016						Period Ended September 30, 2016						Period Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		307,861		$	2,880,492			3,265,686		$	28,623,750			15,234,117		$	160,908,973			9,507,800		$	95,140,112
Class N		302,400			2,746,960			198,077			1,720,801			1,876,617			19,931,861			4,028,788			41,320,016
Reinvested Dividends
Class I		16,781			159,081			947			8,236			3,057			32,242			774			8,045
Class N		1,250			11,827			25			214			7,466			78,428			2,585			26,935
Shares Redeemed
Class I		(2,999,580	)		(27,345,704	)		(44,967	)		(388,627	)		(2,833,671	)		(29,983,089	)		(491,338	)		(5,036,242	)
Class N		(26,649	)		(239,423	)		(34,166	)		(289,773	)		(634,645	)		(6,709,813	)		(34,728	)		(357,420	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(2,397,937	)	$	(21,786,767	)		3,385,602		$	29,674,601			13,652,941		$	144,258,602			13,013,881		$	131,101,446

	DoubleLine Infrastructure Income Fund						DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 2016						Period Ended September 30, 2016
	Shares			Amount			Shares		Amount
Shares Sold
Class I		8,731,870		$	88,660,776			496,960	$	4,969,600
Class N		35,253			358,893			10,000		100,000
Reinvested Dividends
Class I		3,386			34,491			99		992
Class N		126			1,287			—		—
Shares Redeemed
Class I		(493,225	)		(5,075,271	)		—		—
Class N		(10,054	)		(103,454	)		—		—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		8,267,356		$	83,876,722			507,059	$	5,070,592

# Net of redemption fees of $3,043 and $657 for Class I and Class A, respectively

~ Net of redemption fees of $46,426 and $2,589 for Class I and Class N, respectively

* Net of redemption fees of $8,639 and $4,093 for Class I and Class A, respectively.

^ Net of redemption fees of $81,279 and $15,764 for Class I and Class N, respectively.

8.  Trustees Fees

Trustees who are not affiliated with each Adviser and its affiliates receive fees from the Trust. These trustees may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Funds, are treated as if invested in shares of each respective Fund or other funds managed by each Adviser and its affiliates. These amounts represent

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general, unsecured liabilities of each Fund and vary according to the total returns of the selected funds. Trustees Fees in the Statements of Operations include current fees (either paid in cash or deferred) and an increase (decrease) in the value of the deferred amounts. Certain trustees and officers of the Funds are also officers of each Adviser; such trustees and officers are not compensated by the Funds.

For the period ended September 30, 2016, the Trustees received as a group:

	Current Fees		Increase/(Decrease) in Value of Deferred Amount		Trustees Fees
DoubleLine Total Return Bond Fund	$	285,778	$	18,555	$	304,333
DoubleLine Core Fixed Income Fund		29,809		2,065		31,874
DoubleLine Emerging Markets Fixed Income Fund		4,546		253		4,799
DoubleLine Multi-Asset Growth Fund (Consolidated)		750		48		798
DoubleLine Low Duration Bond Fund		14,616		924		15,540
DoubleLine Floating Rate Fund		1,539		91		1,630
DoubleLine Shiller Enhanced CAPE®		3,885		222		4,107
DoubleLine Flexible Income Fund		1,208		78		1,286
DoubleLine Low Duration Emerging Markets Fixed Income Fund		1,001		66		1,067
DoubleLine Long Duration Total Return Bond Fund		426		25		451
DoubleLine Strategic Commodity Fund (Consolidated)		—		10		10
DoubleLine Global Bond Fund		22		63		85
DoubleLine Infrastructure Income Fund		748		11		759
DoubleLine Ultra Short Bond Fund		378		1		379

9.  Additional Disclosures about Derivative Instruments

The following disclosures provide information on the Funds’ use of derivatives and certain related risks. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of derivative contract, are included in the following tables.

The average volume of derivative activity during the period ended September 30, 2016, is as follows:

	DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)
Average Market Value
Purchased Options	$	365,000		$	—	$	—
Written Options		179,000			—		—
Futures Contracts - Long		572,429			—		—
Futures Contracts - Short		(28,281	)		—		—
Average Notional Balance
Excess Return Swaps - Long	$	—		$	—	$	21,241,667
Excess Return Swaps - Short		—			—		3,041,667
Total Return Swaps - Long		37,321,503			1,020,133,333		—
Total Return Swaps - Short		11,885,157			—		—
Forward Currency Exchange Contracts		19,318,335			—		—

Options Contracts  The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses.

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing options is limited to the loss of the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. When a Fund writes (i.e., sells) an option it receives a premium in return for bearing the risk of the change in value of an underlying instrument during the term off the option. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk that the market for options contracts may be illiquid and that a Fund may not be able to close out or sell an option at a particular time or at an anticipated price.

The activity in written options during the period ended September 30, 2016, is as follows:

DoubleLine Multi-Asset Growth Fund (Consolidated)	Number of Contracts			Premium Amount
Outstanding, Beginning of Period		100		$	279,800
Options Expired		(100	)		(279,800	)
Outstanding, End of Period		—		$	—

Futures Contracts  Futures contracts typically involve a contractual commitment to buy or sell a particular instrument at a specified price on a future date. Risks associated with the use of futures contracts include the potential for imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices determined by the relevant exchange. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payment reflecting the change in value (“variation margin”) is made or received by or for the accounts of the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Forward Foreign Currency Contracts  Forward foreign currency contracts are agreements between two parties to buy and sell a currency at a set exchange rate on a future date. Unless a Fund’s registration statement expressly states otherwise, each Fund may enter into forward foreign currency contracts for any investment purpose. The market value of a forward foreign currency contract fluctuates with the changes in foreign currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Credit Default Swap Agreements  Credit default swap agreements often involve one party making a stream of payments (generally referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event in respect of a referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund generally will receive from the buyer of protection a fixed rate of income throughout the term of the swap. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund typically will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or the affected securities in the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the affected securities in the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined

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under the terms of that particular swap agreement, the Fund typically will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or the affected securities in the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the affected securities in the referenced index. Recovery values are typically estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. An index credit default swap references all the names in the index, and if there is a default with respect to a single name in the index, the credit event is settled based on that name’s weight in the index.

Credit default swaps are considered to have credit risk related contingent features since they require payment by the protection seller to the protection buyer upon occurrence of a defined credit event. A Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract, which may be mitigated by the posting of collateral by the counterparty to a Fund to cover a Fund’s exposure to the counterparty.

Total Return Swap Agreements  The Funds may enter into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. Payments received or made at the termination of the swap are recorded as realized gain or loss on the Statements of Operations.

The Funds’ derivative instrument holdings are summarized in the following tables.

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended September 30, 2016, was as follows:

			Unrealized Appreciation (Depreciation)
Derivatives not accounted for as hedging instruments	Statements of Assets and Liabilities Location	DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)
Purchased Options
Equity	Net Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities	$	(71,823	)	$	—	$	—
Futures Contracts
Commodity		$	(93,727	)	$	—	$	—
Index			650,077			—		—
	Net Unrealized Appreciation (Depreciation) on Futures	$	556,350		$	—	$	—
Swap Contracts
Excess Return		$	—		$	—	$	340,903
Total Return			2,618,415			108,804,117		—
	Net Unrealized Appreciation (Depreciation) on Swaps	$	2,618,415		$	108,804,117	$	340,903

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2016 was as follows:

		Realized Gain (Loss) on Derivatives							Change in Unrealized Appreciation (Depreciation) on Derivatives
Derivatives not accounted for as hedging instruments	Statements of Operations Location	DoubleLine Multi- Asset  Growth Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)		DoubleLine Multi- Asset Growth Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)
Purchased Options
Equity		$	7,201		$	—	$	—	$	(71,823	)	$	—	$	—
Index			(521,200	)		—		—		156,200			—		—
	Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities	$	(513,999	)	$	—	$	—	$	84,377		$	—	$	—

Semi-Annual Report September 30, 2016 145

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

		Realized Gain (Loss) on Derivatives						Change in Unrealized Appreciation (Depreciation) on Derivatives
Derivatives not accounted for as hedging instruments	Statements of Operations Location	DoubleLine Multi- Asset Growth  Fund (Consolidated)		DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)		DoubleLine Multi- Asset Growth Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)
Written Options
Index
	Net Realized and Unrealized Gain (Loss) on Written Options	$	279,800	$	—	$	—	$	(100,800	)	$	—	$	—
Forward Contracts
Currency
	Net Realized and Unrealized Gain (Loss) on Forwards	$	148,590	$	—	$	—	$	(89,118	)	$	—	$	—
Futures Contracts
Commodity		$	492,344	$	—	$	—	$	(84,094	)	$	—	$	—
Exchange Rate			1,396		—		—		—			—		—
Index			1,617,823		—		—		450,215			—		—
	Net Realized and Unrealized Gain (Loss) on Futures	$	2,111,563	$	—	$	—	$	366,121		$	—	$	—
Swap Contracts
Excess Return		$	—	$	—	$	1,827,380	$	—		$	—	$	(103,029	)
Total Return			135,765		35,142,943		—		2,618,415			63,238,115		—
	Net Realized and Unrealized Gain (Loss) on Swaps	$	135,765	$	35,142,943	$	1,827,380	$	2,618,415		$	63,238,115	$	(103,029	)

10.  Offsetting Assets and Liabilities

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

As of September 30, 2016, the Trust held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Multi-Asset Growth Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Swap Contracts	$	2,930,755	$	312,340	$	2,618,415	$	—	$	2,618,415	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Swap Contracts	$	312,340	$	312,340	$	—	$	—	$	—	$	—

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DoubleLine Shiller Enhanced CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Swap Contracts	$	108,804,117	$	—	$	108,804,117	$	87,684,864	$	18,034,000	$	3,085,253

DoubleLine Strategic Commodity Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Swap Contracts	$	342,255	$	1,352	$	340,903	$	340,903	$	—	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Swap Contracts	$	1,352	$	1,352	$	—	$	—	$	—	$	—

11.  Bank Loans

The Funds may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Funds may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Funds may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Funds may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjust periodically based on a known lending rate, such as a bank’s prime rate. The Funds may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date. Securities purchased on a delayed delivery basis are marked to market daily and no income accrues to the Funds prior to the date the Funds actually take delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

12.  Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Trust (the “DoubleLine Funds”), an uncommitted, $600,000,000 credit facility for short term liquidity in connection with shareholder redemptions. Under the terms of the credit facility, borrowings for each DoubleLine Fund are limited to one-third of the total assets (including the amount borrowed) of such DoubleLine Fund. Fifty percent of the credit facility is available to all of the DoubleLine Funds, on a first come, first served basis. The remaining 50% of the credit facility is allocated among the DoubleLine Funds in accordance with procedures adopted by the Board. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% (weighted average rate of 3.00% for the period ended September 30, 2016).

The Bank has also made available to the DoubleLine Floating Rate Fund a committed $40,000,000 credit facility. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% and the credit facility bears an unused commitment fee equal to 0.12% on the unused portion of the credit facility.

For the period ended September 30 2016, the Funds’ credit facility activity is as follows:

	Average Borrowings		Maximum Amount Outstanding		Interest Expense		Commitment Fee
DoubleLine Emerging Markets Fixed Income Fund	$	1,711,065	$	7,635,000	$	4,420	$	—
DoubleLine Floating Rate Fund		—		—		—		24,400
DoubleLine Low Duration Emerging Markets Fixed Income Fund		1,214,400		2,446,000		1,518		—
DoubleLine Infrastructure Income Fund		36,000		116,000		15		—

Semi-Annual Report September 30, 2016 147

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

13.  Principal Risks:

Below are summaries of some, but not all, of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s NAV, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read each Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

• affiliated fund risk:  the risk that, due to its own financial interest or other business considerations, each Adviser may have an incentive to invest a portion of a Fund’s assets in investment companies sponsored or managed by each Adviser or its related parties in lieu of investments by the Fund directly in portfolio securities, or may have an incentive to invest in such investment companies over investment companies sponsored or managed by others. Similarly, each Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in investment companies sponsored or managed by the Adviser or its related parties.

• asset allocation risk:  the risk that a Fund’s investment performance may depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors and/or underlying funds and that such allocation will focus on asset classes, sectors, underlying funds, or investments that perform poorly or underperform other asset classes, sectors, underlying funds, or available investments.

• asset-backed securities investment risk:  the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which a Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.

• cash position risk:  to the extent that a Fund holds assets in cash, cash equivalents, and other short-term investments, the ability of the Fund to meet its objective may be limited.

• collateralized debt obligations risk:  the risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. Normally, collateralized bond obligations (“CBOs”), CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market, or other relevant measures of liquidity, may exist for CDOs allowing a CDO potentially to be deemed liquid by each Adviser under liquidity policies approved by the Board. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that a Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

• commodities risk:  the risk that the value of a Fund’s shares may be affected by changes in the values of the Fund’s investment exposures to commodities or commodity-related instruments, which may be extremely volatile and difficult to value. The value of commodities and commodity-related instruments may be affected by market movements, commodity index volatility, changes in interest rates, or factors affecting a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. A Fund may at times have significant exposure to particular sectors through its commodities-related investments, including, without limitation, the energy, industrial metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

• confidential information access risk:  the risk that the intentional or unintentional receipt of material, non-public information (“Confidential Information”) by each Adviser could limit a Fund’s ability to sell certain investments held by the Fund or pursue certain investment opportunities on behalf of the Fund, potentially for a substantial period of time.

• counterparty risk:  the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests. Subject to certain limitations for U.S. federal income tax purposes, the Fund is not subject to any limit with respect to the number of transactions it can enter into with a single counterparty. To the extent that a Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

• debt securities risks:

° credit risk:  the risk that an issuer or counterparty will fail to pay its obligations to a Fund when they are due. As a result, a Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire

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amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due.

° extension risk:  the risk that if interest rates rise, repayments of principal on certain debt securities may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

° interest rate risk:  the risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. As of the date of this report, interest rates in the U.S. are at or near historically low levels, increasing the exposure of bond investors to the risks associated with rising interest rates.

° prepayment risk:  the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of a Fund.

• defaulted securities risk:  the risk of the uncertainty of repayment of defaulted securities and obligations of distressed issuers.

• derivatives risk:  the risk that an investment in derivatives will not perform as anticipated by each Adviser, cannot be closed out at a favorable time or price, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge.

• emerging market country risk:  the risk that investing in emerging markets will be subject to greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers, an emerging market country’s dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, thinner trading markets, different clearing and settlement procedures and custodial services, and less developed legal systems than in many more developed countries.

• equity issuer risk:  the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

• exchange-traded note risk:  the risk that the level of the particular market benchmark or strategy to which the note’s return is linked will fall in value; exchange-traded notes are subject to the credit risk of the issuer.

• financial services risk:  the risk that an investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or economic conditions that may negatively affect financial service businesses; (ii) exposure of a financial institution to non-diversified or concentrated loan portfolios; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses, for example sub-prime loans; (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (v) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

• focused investment risk:   a Fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is subject to greater risk than a Fund that invests in a more diverse investment portfolio. In addition, the value of such a Fund is more susceptible to any single economic, market, political, regulatory or other occurrence affecting, for example, the particular markets, industries, countries, regions, sectors or asset classes in which the Fund is invested.

Semi-Annual Report September 30, 2016 149

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

• foreign currency risk:  the risk that fluctuations in exchange rates may adversely affect the value of a Fund’s investments denominated in foreign currencies.

• foreign investing risk:  the risk that a Fund’s investments will be affected by political, regulatory, and economic risks not present in domestic investments. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on a Fund. If a Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations.

• high yield risk:  the risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by each Adviser to be of comparable quality are predominantly speculative. These instruments, commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity.

• index risk:  the risk that a Fund’s return may not match or may underperform the return of an index utilized by the Fund. In addition, a decline in the value of an index used by the Fund should be expected to reduce the overall total return of the Fund. Although each Adviser may license from an index’s sponsor the right to use an index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that an index used by the Fund will be maintained indefinitely or that the Fund will be able to continue to utilize the index to implement the Fund’s principal investment strategies indefinitely.

• inflation-indexed bond risk:  the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by a Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

• investment company and exchange-traded fund risk:  the risk that an investment company or other pooled investment vehicle, including any exchange-traded funds (“ETFs”) or money market funds, in which a Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. A Fund must pay its pro rata portion of an investment company’s fees and expenses.

• large shareholder risk:  the risk that certain account holders, including each Adviser or funds or accounts over which each Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or related parties of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when each Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase a Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

• leveraging risk:  the risk that certain investments by a Fund involving leverage may have the effect of increasing the volatility of the Fund’s portfolio, and the risk of loss in excess of invested capital.

• limited operating history risk:  the risk that a newly formed fund has no or a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

• liquidity risk:  the risk that a Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment.

• loan risk:  includes, among other risks, the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) it is possible that any collateral securing a loan may be insufficient or unavailable to a Fund; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) if a borrower fails to comply with various restrictive covenants that are typically in loan agreements, the borrower may default in payment of the loan; (vi) transactions in loans may settle on a delayed basis, and the Fund potentially may not receive the proceeds from the sale of a loan for a substantial period of time after the sale; and (vii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in a Fund. It is unclear whether the

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protections of the securities laws against fraud and misrepresentation extend to loans and other forms of direct indebtedness. In the absence of definitive regulatory guidance, the Fund relies on the Adviser’s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. There can be no assurance that the Adviser’s efforts in this regard will be successful.

• market capitalization risk:  the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect a Fund because of unfavorable market conditions particular to that category of issuers, such as larger, more established companies being unable to respond quickly to new competitive challenges or attain the high growth rates of successful smaller companies, or, conversely, stocks of smaller companies being more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources, fewer experienced managers and there typically being less publicly available information about small capitalization companies.

• market risk:  the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention, political, economic or market developments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. These risks may be heightened for fixed income securities due to the current historically low interest rate environment.

• mortgage-backed securities risk:  the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates.

• portfolio management risk:  the risk that an investment strategy may fail to produce the intended results or that the securities held by a Fund will underperform other comparable funds because of the portfolio managers’ choice of investments.

• portfolio turnover risk:  the risk that frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in larger distributions of taxable capital gains to investors as compared to a fund that trades less frequently.

• preferred securities risk:  the risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

• price volatility risk:  the risk that the value of a Fund’s investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down.

• real estate risk:  the risk that real estate-related investments may decline in value as a result of factors affecting the real estate industry, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local and regional market conditions.

• reliance on each adviser:  the risk associated with each Fund’s ability to achieve its investment objective being dependent upon each Adviser’s ability to identify profitable investment opportunities for the Fund. While the portfolio managers of a Fund may have considerable experience in managing other portfolios with investment objectives, policies and strategies that are similar, the past experience of the portfolio managers does not guarantee future results for the Fund.

• restricted securities risk:  a Fund may hold securities that are restricted as to resale under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may prevent a Fund from disposing of them promptly at reasonable prices or at all. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration.

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2016

Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

• securities or sector selection risk:  the risk that the securities held by a Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment. To the extent a Fund focuses or concentrates its investments in a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

• short position risk:  the risk that an increase in the value of an instrument with respect to which a Fund has established a short position will result in a loss to the Fund.

• sovereign debt obligations risk:  the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner.

• structured products and structured notes risk:  the risk that an investment in a structured product may decline in value due to changes in the underlying instruments on which the product is based.

• tax risk:  in order to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (“Code”), a Fund must meet requirements regarding, among other things, the source of its income. Certain investments in commodity-linked derivatives do not give rise to qualifying income for this purpose, and it is possible that certain investments in other commodity-linked instruments, ETFs and other investment pools will not give rise to qualifying income. Any income a Fund derives from investments in instruments that do not generate qualifying income must be limited to a maximum of 10% of a Fund’s annual gross income. If a Fund were to earn non-qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If a Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

• U.S. Government securities risk:  the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

14.  Recently Issued Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07, which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years and early adoption is permitted. Management is currently evaluating the implications of these changes and their impact on the financial statements.

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments for all entities that hold financial assets or owe financial liabilities. One of the amendments in this update eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet or a description of changes in the methods and significant assumptions. Additionally, the update eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. Investment companies are specifically exempted from ASU 2016-01’s equity investment accounting provisions and will continue to follow the industry specific guidance for investment accounting under Topic 946. For public business entities, this update is effective for fiscal years beginning after December 15, 2017, and interim periods therein. For other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Management is currently evaluating the implications of these changes and their impact on the financial statements and related disclosures.

In August, 2016, the FASB issued ASU No. 2016-15—Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim

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period. Management has not yet adopted this update and is currently evaluating the impact of ASU No. 2016-15 on its financial statements.

15.  Subsequent Events

DoubleLine Shiller Enhanced European CAPE^®, a new series of the Trust, is expected to commence operations in December 2016. Its investment objective is to seek total return which exceeds the total return of its benchmark index over a full market cycle.

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined there are no additional subsequent events that would need to be disclosed in the Funds’ financial statements.

Semi-Annual Report September 30, 2016 153

Shareholder Expenses (Unaudited) September 30, 2016

Example

As a shareholder of the Funds, you incur two basic types of costs: (1) transaction costs , including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 4/1/16 through 9/30/16.*

Actual Expenses

The actual return columns in the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the respective line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition to the expenses shown below in the table, as a shareholder you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. Currently, if you request a redemption be made by wire, a $15.00 fee is charged by the Fund’s transfer agent. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares that have been held for less than 90 days in the DoubleLine Multi-Asset Growth Fund and the DoubleLine Floating Rate Fund. An Individual Retirement Account (“IRA”) will be charged a $15.00 annual maintenance fee. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense Ratio1		Beginning Account Value		Ending Account Value 9/30/16		Expenses Paid During Period*1		Ending Account Value 9/30/16		Expenses Paid During Period*1
DoubleLine Total Return Bond Fund	Class I		0.47%	$	1,000	$	1,023	$	2.38	$	1,023	$	2.38
	Class N		0.72%	$	1,000	$	1,021	$	3.65	$	1,021	$	3.65
DoubleLine Core Fixed Income Fund	Class I		0.45%	$	1,000	$	1,039	$	2.30	$	1,023	$	2.28
	Class N		0.70%	$	1,000	$	1,038	$	3.58	$	1,022	$	3.55
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.93%	$	1,000	$	1,101	$	4.90	$	1,020	$	4.71
	Class N		1.18%	$	1,000	$	1,099	$	6.21	$	1,019	$	5.97
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.02%	$	1,000	$	1,067	$	5.28	$	1,020	$	5.16
	Class A		1.27%	$	1,000	$	1,066	$	6.58	$	1,019	$	6.43
DoubleLine Low Duration Bond Fund	Class I		0.42%	$	1,000	$	1,021	$	2.13	$	1,023	$	2.13
	Class N		0.67%	$	1,000	$	1,019	$	3.39	$	1,022	$	3.40
DoubleLine Floating Rate Fund	Class I		0.70%	$	1,000	$	1,030	$	3.56	$	1,022	$	3.55
	Class N		0.95%	$	1,000	$	1,028	$	4.83	$	1,020	$	4.81
DoubleLine Shiller Enhanced CAPE®	Class I		0.65%	$	1,000	$	1,116	$	3.45	$	1,022	$	3.29
	Class N		0.90%	$	1,000	$	1,114	$	4.77	$	1,021	$	4.56

154 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value		Ending Account Value 9/30/16		Expenses Paid During Period*1		Ending Account Value 9/30/16		Expenses Paid During Period*1
DoubleLine Flexible Income Fund	Class I		0.77%	$	1,000	$	1,046	$	3.95	$	1,021	$	3.90
	Class N		1.02%	$	1,000	$	1,045	$	5.23	$	1,020	$	5.16
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%	$	1,000	$	1,049	$	3.03	$	1,022	$	2.99
	Class N		0.84%	$	1,000	$	1,048	$	4.31	$	1,021	$	4.26
DoubleLine Long Duration Total Return Bond Fund	Class I		0.65%	$	1,000	$	1,062	$	3.36	$	1,022	$	3.29
	Class N		0.90%	$	1,000	$	1,061	$	4.65	$	1,021	$	4.56
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		0.88%	$	1,000	$	1,062	$	4.55	$	1,021	$	4.46
	Class N		1.13%	$	1,000	$	1,059	$	5.83	$	1,019	$	5.72
DoubleLine Global Bond Fund	Class I		0.70%	$	1,000	$	1,021	$	3.55	$	1,022	$	3.55
	Class N		0.95%	$	1,000	$	1,020	$	4.81	$	1,020	$	4.81
DoubleLine Infrastructure Income Fund	Class I		0.65%	$	1,000	$	1,036	$	3.30	$	1,022	$	3.29
	Class N		0.90%	$	1,000	$	1,034	$	4.56	$	1,021	$	4.56
DoubleLine Ultra Short Bond Fund	Class I		0.35%	$	1,000	$	1,000	$	0.88	$	1,023	$	1.78
	Class N		0.60%	$	1,000	$	1,000	$	1.51	$	1,022	$	3.04

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The actual dollar amounts shown as expenses paid during the period for the DoubleLine Infrastructure Income Fund and DoubleLine Ultra Short Bond Fund are multiplied by 182/365 and 92/365, respectively, which is based on the dates of inception (April 1, 2016 and June 30, 2016, respectively).

¹ Reflects fee waiver and expense limitation arrangements in effect during the period.

Semi-Annual Report September 30, 2016 155

Evaluation of Advisory Agreement by the Boards of Trustees (Unaudited) September 30, 2016

DoubleLine Infrastructure Income Fund and DoubleLine Ultra Short Bond Fund

At the February 25, 2016 and May 27, 2016 meetings of the Board of Trustees of DoubleLine Funds Trust (the “Trust”), the Board of Trustees, including the Independent Trustees, voting separately, approved the Investment Management Agreements (the “Agreements”) between the Trust, on behalf of DoubleLine Infrastructure Income Fund and DoubleLine Ultra Short Bond Fund (each a “Fund” and together the “Funds”), respectively, and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees.

The Trustees considered a wide range of materials, including information provided to the Trustees in connection with their consideration of the renewal of advisory contracts between the Adviser and the other series of the Trust, which occurred at the February 2016 meeting. The Trustees’ determination to approve the Agreements was based on an evaluation of all of the information provided to them. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive. In all of their deliberations, the Board of Trustees and the Independent Trustees were advised by counsel to the Trust and counsel to the Independent Trustees.

In the process of considering the approval of the Agreements, the Trustees considered the terms of the proposed Agreements between the Adviser and the Trust, with respect to each Fund, and noted that the proposed terms of the Agreements, with the exception of the rate of advisory fees payable, were the same as the terms of the advisory agreement between the Adviser and DoubleLine Global Bond Fund, which the Board had previously approved.

The Trustees considered the Adviser’s specific responsibilities in all aspects of the day-to-day management of each Fund as well as the qualifications, experience, and responsibilities of the proposed portfolio managers of each Fund and other key personnel who would be involved in the day-to-day investment activities of the Funds. The Board considered the expected difficulty of managing a debt-related fund, noting that managing such a fund would require a portfolio management team to balance a number of factors, which may include, among others, varying maturities, prepayments, counterparty exposure, credit events, and workouts. In connection with evaluating DoubleLine Infrastructure Income Fund’s Agreement, the Trustees also considered the complexity of managing the Fund’s principal investment strategies to invest in infrastructure investments, such as debt instruments related to assets or projects that support the operation, function, growth or development of a community or economy. The Trustees noted the Adviser’s representation that it does not manage any other accounts with investment strategies substantially similar to the strategies proposed for each Fund. The Trustees considered generally the performance record of the other series of the Trust advised by DoubleLine. They also considered the possible effects of adding additional funds to the Trust on the capacities of the Adviser.

The Trustees reviewed the proposed services the Adviser would provide to the Funds as investment adviser. The Trustees considered that the Adviser would provide a variety of services in addition to investment advisory services, including, among others, a number of back-office services, valuation services, compliance services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of each Fund’s other service providers. The Trustees also considered the nature, extent, and structure of the compliance procedures and the trading capabilities of the Adviser. The Trustees concluded that it appeared the Adviser would have, or have available to it, sufficient quality and depth of personnel, resources, and investment methods, and would have compliance policies and procedures essential to performing its duties under the proposed Agreements and that, in the Trustees’ view, the nature, overall quality, and extent of the management services to be provided appeared likely to be satisfactory and reliable.

The Board then turned to the proposed structure and level of the advisory fees to be paid under the Agreements. The Trustees considered that the Adviser anticipated launching each Fund with two classes of shares and noted the overall fee structure and expense caps proposed for each Fund. The Trustees considered information provided by Strategic Insight, an Asset International Company (“Strategic Insight”). In considering the peer group information presented, the Trustees took into account the information orally provided during each meeting by a representative of Strategic Insight who participated in the analysis of the peer funds selected by Strategic Insight.

With respect to DoubleLine Infrastructure Income Fund, the Trustees noted that Strategic Insight’s peer group of infrastructure-related fixed income funds included only one other open-end infrastructure fixed income fund that was available for comparison, and, therefore, Strategic Insight had selected a second peer group composed of intermediate and long-term bond funds, against which the Trustees could compare the Fund’s proposed advisory fees and expected net expenses. The Trustees noted that the peer groups provided by Strategic Insight indicated that DoubleLine Infrastructure Income Fund’s contractual fee rate and net total expense ratio were lower than those shown for the other infrastructure fixed income fund, but higher than the median net

156 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

management fee ratio and net total expense ratio of the broader peer group. They also noted that Strategic Insight’s report showed that the proposed expense limitation agreement between DoubleLine Infrastructure Income Fund and the Adviser would cause the Fund’s Class I shares to have an expected net total expense ratio only slightly higher than the net total expense ratio of the Fund’s broader peer group. The Trustees discussed limitations on the utility of these comparisons given that only one infrastructure fixed income fund was included in the narrow peer group and the differences between DoubleLine Infrastructure Income Fund’s proposed principal investment strategies and those of the bond funds included in the broader peer group.

With respect to DoubleLine Ultra Short Bond Fund, the Trustees noted that the Fund’s proposed contractual advisory fee rate was the lowest of the contractual fees of funds in the peer group. The Trustees also noted that Strategic Insight’s report showed that DoubleLine Ultra Short Bond Fund’s net total expense ratio for Class I shares after the application of the proposed expense cap was near the median of the peer group. The Trustees noted that some funds in the DoubleLine Ultra Short Bond Fund’s peer group had negative net advisory fees due to, among other things, the current interest rate environment and the effect of related fee waivers. The Trustees considered that the advisory fees proposed for DoubleLine Ultra Short Bond Fund reflected a reasonable approach given the longer-term expectations for interest rates.

The Trustees discussed information provided by the Adviser as to the estimated profitability of the Adviser from managing each Fund. In assessing profitability, the Trustees reviewed the Adviser’s financial information provided as part of each meeting’s materials and that was provided at previous meetings of the Trustees and they took into account both the likely direct and indirect benefits to the Adviser from managing each Fund. The Trustees also considered in this regard the Adviser’s significant investment in sponsoring, forming, registering and promoting each Fund during its start-up period and the related risks to DoubleLine of those activities. The Trustees noted other benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Trust, including possible ancillary benefits to the Adviser’s institutional investment management business due to the reputation and market penetration of each Fund. The Trustees also considered DoubleLine’s representation that it had proposed advisory fees designed to cause each Fund to have a competitive fee structure at low assets levels and that DoubleLine believed the proposed advisory fees also reflected reasonably foreseeable economies of scale that DoubleLine might experience as a Fund’s assets grow. The Trustees considered that the Adviser was also implementing expense caps for each Fund that would limit the overall expense ratio of each Fund during the proposed initial terms of the Agreements. In light of all of the information evaluated, including relevant information received from the Adviser in prior meetings concerning other funds, the Trustees concluded that the Adviser’s profit from managing each Fund would likely not be excessive in the start-up periods and that it did not appear appropriate at this time to consider the implementation of breakpoints in the investment advisory fees.

On the basis of these considerations and others and in the exercise of their business judgment, the Trustees determined to approve the Agreements for the proposed initial terms.

Semi-Annual Report September 30, 2016 157

Federal Tax Information (Unaudited) September 30, 2016

For the fiscal year ended March 31, 2016, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $400,000 for single individuals and $450,000 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The American Taxpayer Relief Act of 2012. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	7.99%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2016 was as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	3.42%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended March 31, 2016 for each Fund was as follows:

Qualified Short-Term Gains
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.28%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	4.79%
DoubleLine Strategic Commodity Fund (Consolidated)	100.00%
DoubleLine Global Bond Fund	0.00%

158 DoubleLine Funds Trust

(Unaudited)

September 30, 2016

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended March 31, 2016 for each Fund was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	100.00%
DoubleLine Core Fixed Income Fund	90.57%
DoubleLine Emerging Markets Fixed Income Fund	0.01%
DoubleLine Multi-Asset Growth Fund (Consolidated)	34.95%
DoubleLine Low Duration Bond Fund	99.49%
DoubleLine Floating Rate Fund	98.52%
DoubleLine Shiller Enhanced CAPE®	96.46%
DoubleLine Flexible Income Fund	83.35%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	68.24%
DoubleLine Long Duration Total Return Bond Fund	97.10%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	20.11%

Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds.

Semi-Annual Report September 30, 2016 159

Information About Proxy Voting (Unaudited) September 30, 2016

Information about how a Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30^th is available no later than the following August 31^st without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

A description of the Funds’ proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the commission’s website at http://www.sec.gov.

Information About Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as of month-end to shareholders and others upon request to the Funds, beginning on the 15th calendar day after the end of the month (or, if not a business day, the next business day thereafter).

Shareholders and others who wish to obtain portfolio holdings for a particular month may make a request by contacting the Funds at no charge at 877-DLine11 (877-354-6311) between the hours of 7:00 a.m. and 5:00 p.m. Pacific time, Monday through Friday, beginning on the 15th day following the end of that month (or, if not a business day, the next business day thereafter). Requests for portfolio holdings may be made on a monthly basis pursuant to this procedure, or standing requests for portfolio holdings may be accepted.

The Trust is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. The Trust’s Forms N-Q are available on the SEC website at www.sec.gov. You can also review and obtain copies of the Forms N-Q at the SEC Public Reference Room in Washington, DC (information on the operation of Public Reference Room may be obtained by calling 1-800-SEC-0330).

Householding — Important Notice Regarding Delivery of Shareholder Documents

In an effort to conserve resources, the Funds intend to reduce the number of duplicate Prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding.

160 DoubleLine Funds Trust

Privacy Notice (Unaudited) September 30, 2016

What Does DoubleLine Do With Your Personal Information?

Financial companies choose how they share your personal information. This notice provides information about how we collect, share, and protect your personal information, and how you might choose to limit our ability to share certain information about you. Please read this notice carefully.

All financial companies need to share customers’ personal information to run their everyday businesses. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request or to make its customers aware of other financial products and services offered by a DoubleLine affiliated company.

DoubleLine may collect non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you may give us orally;

• Information about your transactions with us or others;

• Information you submit to us in correspondence, including emails or other electronic communications; and

• Information about any bank account you use for transfers between your bank account and any Fund account, including information provided when effecting wire transfers.

The types of personal information DoubleLine collects and shares depend on the product or service you have with us. This information may include:

• Social Security Number;

• account balances;

• transaction or loss history;

• assets;

• investment experience;

• account transactions;

• risk tolerance.

DoubleLine does not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except that we may disclose the information listed above, as follows:

• to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

• DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is authorized by law to do so, such as in the case of a court order, legal investigation, or other properly executed governmental request.

• to alert a customer to other financial products and services offered by DoubleLine or an affiliate, DoubleLine may share information with an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by calling 877-DLine11 (877-354-6311). If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

We have procedures designed to limit access to your personal account information to those agents and vendors who need to know that information to provide products and services to you. Your information is not provided by us to nonaffiliated third parties for marketing purposes. We seek to maintain physical, electronic, and procedural safeguards to guard your non-public personal information.

Information Collected from Websites. Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or

Semi-Annual Report September 30, 2016 161

Privacy Notice  (Cont.) (Unaudited) September 30, 2016

reject cookies, some website pages may not function properly. Certain portions of doublelinefunds.com are maintained or controlled by third parties, each of which has privacy policies which may differ, in some cases significantly, from the privacy policies described in this notice. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

As required by federal law, DoubleLine will notify customers of DoubleLine’s Privacy Policy annually. DoubleLine reserves the right to modify this policy at any time, but in the event that there is a change, DoubleLine will promptly inform its customers of that change.

162 DoubleLine Funds Trust

DoubleLine Capital LP DoubleLine Commodity LP 333 South Grand Avenue 18th Floor Los Angeles, CA 90071   doubleline.com fundinfo@doubleline.com 1. 213. 633. 8200

Investment Advisers:

DoubleLine Capital LP and

DoubleLine Commodity LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

Distributor:

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodian:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

Independent Registered

Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doublelinefunds.com

fundinfo@doubleline.com

1-877-DLine11 or

1-877-354-6311

DL-SEMI-DFT

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                DoubleLine Funds Trust

By (Signature and Title)	/s/ Ronald R. Redell
	Ronald R. Redell, President

Date                             November 28, 2016                                                                     

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Ronald R. Redell
	Ronald R. Redell, President

Date                            November 28, 2016                                                                     

By (Signature and Title)	/s/ Susan Nichols
	Susan Nichols, Treasurer and           Principal Financial and Accounting Officer

Date                              November 28, 2016